16th August 2018
Volatility and worry persisted yesterday taking the FTSE 100 lower than the 7560 support area – a full 100 points lower in fact and even breaking the strong looking support at 7490. However, overnight we have seen some strength return as there was a glimmer of hope for a stand down in the US/China trade war. The S&P didn’t quite reach the 2793 support yesterday, with the drop finding support at 2802. Right on the 10 day Raff channel bottom too! The FTSE breached its Raff channels and any move down towards 7484 might find support there.
FTSE 100 Trading Signals, Forecast and Prediction
After yesterdays sharp decline I can see the possibility of a bounce today towards the 7610 area where we have a cluster of resistance levels. We also now have decent looking support at the 7485 level, so if we were to dip down there from this pivot area at 7535 initially it looks like a decent spot to go long, and also ties in with the 7490 support area that was flagged up (but breached, maybe a fake break though) yesterday.
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