Discussion Forum for trading analysis, help, signals and trading

Discussion Forum for trading analysis, help, signals and learning how to trade. Chat with other traders , post analysis, trades and ask questions. This is the public part of my website. For more in-depth discussions please consider joining to chat with other members

Forum Navigation
Please or Register to create posts and topics.

7125 7100 7065 support | 7170 7218 resistance | FTSE 100 lagging other markets | Live trade discussion forum

26th February 2019

The FTSE 100 lagged behind its continental peers as investors focused on speculation that Brexit may be delayed if the Prime Minister cannot pass the Withdrawal Agreement through Parliament, which kept the pound trading above the $1.30 level. The blue chip index ended up 5.14 points at 7,183.74 while the more domestically focused FTSE 250 slipped 22.6 points to end at 19,246.98.

Trump Suggests “Signing Summit”

President Donald Trump raised the prospect that he could sign a new trade deal with his Chinese counterpart Xi Jinping, as both sides expressed optimism that substantial progress is being made toward ending the trade war between the world’s two biggest economies. “It looks like they will be coming back quickly again,” Trump told reporters Monday, referring to the possibility of Chinese negotiators returning after a week of talks on trade. “We are going to have a signing summit, which is even better,” he said, adding: “We are getting very very close.”  However, the president promptly tempered his enthusiasm, noting that a deal “might not happen at all.” Trump’s hint at a deal-clinching summit with Xi underscores the sense that the two nations are approaching an agreement, more than seven months since the U.S. first imposed tariffs on Chinese imports.

U.S. Stocks Fade Into Close

Asia shares looked set for a mixed start after U.S. equities barely held on to early gains Monday. After reaching session highs early in the trading day, the S&P 500 drifted lower amid a slide in utilities, real estate and consumer staples, before closing just barely in the green. European and Asia stocks rallied earlier.

Oil Plummets as Trump Warns on High Prices

Oil tumbled the most in more than two weeks after Trump tweeted that prices are too high and called on OPEC to “relax and take it easy.” Futures in New York declined as much as 3.8 percent on Monday.

May Considers Brexit Delay

Theresa May is considering a plan to delay Brexit and stop the U.K. leaving the European Union with no deal next month, according to people familiar with the situation. The prime minister is expected to allow her Cabinet to discuss extending the deadline beyond March 29 at a crunch meeting on Tuesday, one of the people said. May would then reveal the Cabinet’s conclusions in an announcement to Parliament later in the day. While no final decision has been taken, putting off the U.K.’s scheduled withdrawal from the EU would be a huge political gamble. On one hand, it would avert mass resignations from pro-EU ministers in May’s team. But it would also risk a destabilizing backlash from euroskeptic Conservatives. Separately, U.K. opposition Labour Party Leader Jeremy Corbyn has bowed to pressure from his members of parliament and agreed to support a new Brexit referendum.


(adsbygoogle = window.adsbygoogle || []).push({});

FTSE 100 Trading Signals, Forecast and Prediction

With yesterday becoming a bit bearish as cable and oil weighed on the FTSE 100, plus a further slide from 7185 overnight, the 2 hour chart has gone bearish and is showing decent resistance at 7170 for now. It looks like we have the leg down to the daily 25ema at 7093 underway, possibly a bit below that at 7065 which is the February low so far. As such if we were to dip to this area I am expecting a bounce, as we also have the 20 day Raff channel here. At 7250 the FTSE was getting a bit overbought and had failed to break above 7300. If the 7065/95 area does hold an initial test then it should set up a decent springboard for a push higher to end Q1. If it breaks though, we are looking at 7100, and possibly below 7000 at 6930.

[caption id="attachment_14612" align="aligncenter" width="821"]FTSE 100 Trading Signals, Forecast and Prediction FTSE 100 Trading Signals, Forecast and Prediction[/caption]

Above the 7170 resistance level then we have R1 at 7195 and also a push towards the daily resistance level at 7261 still on the cards. Might be a big ask for today though! I am expecting the 7170 resistance area to hold today for the bears.

I have put a tentative long at the 7123 fib level for a possible bounce from that point up to the resistance level, however I am expecting much better support at the 7065/7095 area. We also have the 10 day Raff channel bottom at 7115 to throw into the mix, with the 20day channel a bit lower at 7066, so another decent support there. This drop down from 7260 looks like a pullback in the bigger picture rise. A break of 7065 though will change the picture slightly, and make things look more bearish. Of course the FTSE is still being driven by the Brexit saga, as well as cable having a big influence again currently.

So, fairly simple plan really, looking at 7170 resistance and 7123 as initial support, but better support at 7065 if seen.

Recommended Broker


IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!

Membership

If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.

What you get

  • Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
  • Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
  • Telegram live trading room and webinar group membership for discussion and realtime trade updates