24th August 2018
August seems to be the month that the FTSE overshoots the first resistance, doesn’t reach the second then drops back before finding support below the first resistance level.
The U.S. and China returned to the negotiating table this week after more than two months, but with no progress after two days of talks, the stage is set for further escalation of the trade war.
In the US, the dollar held gains and Treasuries steadied, with attention now shifting to Powell’s scheduled comments at Jackson Hole later Friday. U.S. futures were little changed overnight, with the S&P finding support at 2856 and remaining in a fairly tight range yesterday.
It’s a bank holiday in the UK on Monday and the FTSE 100 is closed.
FTSE 100 Trading Signals, Forecast and Prediction
For today I have resistance at 7567 to start with on the 2 hour chart, however there is stronger resistance on the daily at the 7611 to 7625 area and if the usual pattern of the overshoot of the first resistance happens then this second area still looks good for a short.
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