9th July 2018
Asian stocks were broadly higher as a new week kicked off (football pun intended!) . Worries about global trade’s future took a backseat as regional investors opted to pick up the baton from Friday’s Wall Street session which saw broad gains on better-than expected US labor-market data. We got the V shaped day across the board, after a sell the rumour, buy the news ahead of the NFP jobs data. Traders shook off the trade war and tariff fears as they started on Friday, with further tariffs expected to be levied. Priced in or not such a major factor and more likely media hype?
The pound pared gains after David Davis, the U.K. cabinet member in charge of Brexit discussions resigned. Chaos looming still!
FTSE 100 Trading Signals, Forecast and Prediction
The bullish bounce that started Friday after the better than expected NFP jobs data has carried through to this morning, after the bear trap Friday morning. I am thinking that we are going to push higher and have key resistance at the 7695 to 7707 area so if we do see this then we may well get a bit of a dip off this level – be a good place for Fridays longs to cash in. Above this level then 7748 is the daily coral and also R3 and the next hurdle that the bulls will have to jump on their journey towards 7794 daily resistance.
Initially as I write this we are just testing the key fib level at 7660 so we may well see a bit of a dip down to start with.
Bloomberg’s Asia Report here
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