Can the bulls defend 7555? | Day trading strategies | Learn to trade | Analysis

Bulls fight back as Middle East worries shaken off | 7570 7503 support | 7666 7686 resistance

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Today’s Analysis

17th July 2018

Asian equity markets traded mostly lower Tuesday after a lacklustre lead from the US amid underperformance in energy names and Netflix earnings weighing on Nasdaq futures. More politics – the government has managed to avoid defeat on its Customs Bill after caving into the demands of Brexiteer MPs.

The FTSE 100 fell to the more major support at the 7565 level yesterday, breaking below 7620. As long as the 7565 level remains intact then its still with the bulls, but a break of that is likely to see us head down towards 7400.

Today’s news highlights include the UK labour market report, US industrial production, APIs, BoE’s Carney, Fed’s Powell and supply from Germany.


FTSE 100 Trading Signals, Forecast and Prediction

For today I think we might well test that lower support area at 7550 with a false break of the 7565 support. The recent range is playing out at 7550 to 7700 so it would be good to stay within that. The bulls will be keen though to defend the 7600 level initially, but I think some follow through selling pressure might be seen first thing after the mixed Asia session. The ASX200 has had a bit of a bearish session and that might be indicative of what we get today.

Bloomberg’s Asia Report here

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