Drop from 7770 gathers pace… 7610 beckons | Learn to trade | Analysis Signals Alerts

Drop from 7770 gathers pace... 7610 beckons | Learn to trade | Analysis Signals Alerts

8th June 2018

Despite the London Stock Exchange having a “technical hitch” and starting an hour later, the FTSE 100 rose to the 7770 shorting area and then retreated getting us a nice gain on that. The market dropped to 7700 before bouncing 45 points. With 7700 breaking we are looking at a drop down to 7648 early on, with the 2 hour chart showing resistance at 7713 now. At 09:30 this morning we have the BoE Inflation figures for the next 12 months so may see a reaction from that, forecast is 2.9%.

The G-7 summit gets underway as well today, so will be interesting to see what comes out of that. Expect trade to be at the forefront of discussions!


FTSE 100 Trading Signals, Forecast and Prediction

For today I am looking at the 2 hour resistance at 7711 and expect we may well see some bearishness here. With the bears breaking 7700 and testing the recent low support area at 7670 we may well see a break lower and for support I am watching the 7648 level, where we have a key fib and also near S1 at 7640. If these go then I expect a drop down towards 7600 is pretty likely.

The bears will be keen to break 7710 initially, and then have the more major support at 7660 to break – which would lead down to 7610ish.

Bloomberg’s Asia Report here

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