16th May 2018 – FTSE 100 Trading signals – Learn to trade the markets
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The bulls finally managed to push through the 7725 resistance level to test the 7745 level for our short which paid off. The FTSE 100 has remained bullish though, with the 7725 area sort of becoming support for the moment, with a rise further towards 7800 still on the cards. The US China trade arrangements are at the fore again, weighing on US markets yesterday.
Investors are dealing with with trade, growth, and geopolitical worries as risk aversion spreads across assets. Rising yields, a stronger dollar and sliding stocks are fast becoming a familiar and uncomfortable cocktail for investors. Now violence in the Middle East, the U.S.-China trade spat, uncertainty on Italy’s government and global growth concerns are helping cement the prevailing sentiment.
On the news front today, highlights include Eurozone CPI, US industrial production, DoE’s, ECB’s Draghi, Praet and Constancio, Fed’s Bullard and Bostic. We also have option expiry on Friday. Dividend today is 6.8.
FTSE 100 Trading Signals, Forecast and Prediction
For today I am still thinking that the FTSE 100 will try to rally again, and may break 7750 today to test the R2 level at 7783. We do also have the January highs at 7796 which may well be seen but I wouldn’t be surprised if we stop just shy of that obvious level and drop back a little from there. Hence the 7783 level as a level to watch. The 2 hour chart is still bearish though and has resistance still at the 7745 level, so the bulls will again need to be quick out the blocks this morning.
Bloomberg’s Asia Report here
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