Can the bulls break 7320 today | 7345 7370 resistance | 7160 support | Trading analysis help

7400 7420 resistance for today | 7366 7348 support | No deal Brexit | Services contraction | live trading room

13th September 2018

Some nice trades presented themselves yesterday with the FTSE trying to push above the 7300 level and keeping 7225 as the short term low. We could be on for a possible rise towards 7371 today. Asian equites also climbed during their Thursday session, though the S&P has failed to regain 2900.

The U.S. government has proposed another round of trade talks with Beijing to avoid further escalation in President Donald Trump’s trade war with China, according to three people familiar with the matter. U.S. equities briefly rose on expectations the development could ease growing tensions. Senior officials led by Treasury Secretary Steven Mnuchin recently extended the invitation to counterparts in China, the people said, speaking on condition of anonymity. One of the people said the talks, if agreed to by the Chinese, are likely to take place in Washington. The proposal may reduce bilateral tensions just days after Trump threatened to slap tariffs on nearly all goods the U.S. buys from China.

Stocks in the U.S. initially cheered the news of potential trade talks, but a drop in tech left the S&P 500 little changed by the end of the session. Chipmakers declined after Goldman Sachs and Stifel downgraded several U.S. companies amid mounting industry concerns. Oil surged, sending Brent above $80 a barrel for the first time since May, as Hurricane Florence took aim at the U.S. East Coast and amid signs global supplies are shrinking.

UK PM May is set to announce strict immigration controls as part of an olive branch to Brexiteers. Reports still suggest that her tenure remains under threat.

FTSE 100 Trading Signals, Forecast and Prediction

We nudged above the 7300 level yesterday for a high at 7325 and I think that we might still get a rise towards the 7340/50 resistance area, possibly today. There is however pretty decent resistance here so we may well see the bears appear for a run back down towards the 7225 (and possibly lower) support. Lower support is at 7156 currently. A lot of the moves are news driven still with trade at the forefront, closely followed by Brexit.


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