Dip and rise again | 7640 support | Monthly GDP data | Learn to trade | Analysis

Dip and rise again | 7640 support | Monthly GDP data | Learn to trade | Analysis

10th July 2018

Despite the upheaval in British politics yesterday with David Davis resigning, followed by Boris Johnson, the FTSE managed to rally. We got the steady rise as expected, towards the 7696 resistance level, however, with cable dropping it gave enough power to the FTSE to push back to 7715 before dropping back. With the 7490 low holding for now, and the recent strength, the daily chart has actually gone bullish with support at 7639 for the moment – will be interesting to see if we push on now to 7800+, with that support area worth watching.

News highlights today include Norwegian CPI, UK monthly GDP, output, trade, German ZEW, APIs, ECB’s Lautenchlaeger

FTSE 100 Trading Signals, Forecast and Prediction

We are still hovering around the 7707 resistance level, I think we might see a drop down this morning to the 7640 support area. The 25ema on the daily is now at 7638 and this area also has the 200ema 30min at 7636 and a key fib level 7631. With a cluster of supports there its worth a go long at this level.

Bloomberg’s Asia Report here


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