28th September 2018
That was a lovely rise on the Dax yesterday and perfectly off the support at 12280. The FTSE 100 rose towards the 7545 resistance level but didnt get as much of a bearish reaction there as I was thinking , but has now locked in a bullish set up on the daily chart with support for a swing long at the 7450 level, to target the 7700 area again. Any dip to here is therefore worth a long. It is of course the end of the month and the end of the quarter today so I am expecting yesterdays bullishness to continue to close it out strongly. Asia ended with gains across the board as well, shaking off the jitters from earlier in the month.
Brexit remains at the forefront of the UK scene, with Boris Johnson setting out his plan last night, as the shambles continues!
Asian stocks rounded out a volatile month with gains on Friday, with Japanese shares outperforming thanks to a slide in the yen to the weakest level this year. The yen’s drop was part of a broader advance in the dollar after the Federal Reserve’s meeting
FTSE 100 Trading Signals, Forecast and Prediction
If the bulls can hold a break above the overnight high at the 7555 level then I am thinking that we will get a rise towards the 7583 fib level, at least initially. If the bulls can break above this resistance then R2 at 7601 is the next area that will likely see some resistance, with 7636 above this. The bullish momentum from the 7220 area is continuing for the moment, Brexit wobbles notwithstanding. Cable (GBPUSD) is holding around the 130 area for the moment though its worth keeping an eye on this as if that drops, the FTSE 100 generally climbs, and vice versa.
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