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7190 support with 7140 below that | 7220 7279 resistance | Buy the dip | Trading discussion forum

#1 · 25th February 2019, 10:21 am

Quote from Nick on 25th February 2019, 10:21 am
25th February 2019
The bulls remain in charge still for the moment and the 2 hour chart has gone positive with Fridays strength. The Brexit final vote delay and what will be seen to be positive trade news regarding a tariff deadline extension from the US/China talks likely to push things up today. Bull Monday!?
Friday overview
Sterling fell below the $1.30 mark, above which it has been trading for the past few days, after reports that there would be no “deal in the desert” over Brexit this weekend. From tomorrow leaders will gather in Sharm el-Sheikh in Egypt for a summit between the EU and the League of Arab States. Theresa May is set to hold bilateral meetings with Donald Tusk, the President of the European Council, on the sidelines of the summit. It was thought this could be a chance to finalise a Brexit deal but that possibility has been ruled out by Brussels.
It also emerged yesterday that the EU expects the Prime Minister to ask for a three-month delay to Brexit to give more time to work out a deal. Sterling recovered and traded around $1.3060 later on.
Investors had higher hopes for progress in talks between President Donald Trump and China’s chief trade negotiator Liu He yesterday. American stocks rose as it was thought the leaders might strike a deal before the next tranche of US tariffs is due to come into effect on March 1.
Yesterday, there were reports that a full trade summit between President Trump and President Xi Jinping of China is in discussion and could go ahead this spring.
Stock markets in Hong Kong and Shanghai also finished up.
German stocks rose despite more bad news from the eurozone’s largest economy, with figures showing that the business climate is the worst since 2014. Earlier in the week there were signs of trouble in the country’s manufacturing sector and the service sector in the ifo Business Climate Index, with conditions deteriorating “significantly” this month.
Brexit Stakes Raised
U.K. Prime Minister Theresa May once again postponed a final vote on her Brexit divorce agreement, raising the stakes in a battle with members of her own cabinet who are fighting to avert a no-deal exit. The prime minister set a new deadline of March 12 — just 17 days before Brexit day — for parliament to vote on the accord she’s still trying to renegotiate. The move risks making those who are seeking to avoid a catastrophic no-deal departure even more determined to defeat her. They’ll have a chance to do that on Wednesday, when they’ll try to force her to delay exit day in order to avoid the economic damage of crashing out. Meanwhile, it emerged on Sunday that European Union officials are also working on a new plan that could help get the deal over the line at the last minute.
Markets Open
Asian equity futures are higher this morning, following Friday's rally in the U.S. Stocks gained on the positive signs coming from trade negotiations, rising for a fourth-straight week. Treasuries advanced and the dollar declined. Oil posted a second-straight weekly advance. The yuan was higher this morning and will stay in focus. The British pound also ticked higher. Aside from trade and Brexit, of interest to the traders this week: Trump and North Korea’s Kim Jong Un meet in Vietnam and Federal Reserve Chairman Jerome Powell will offer signals on what’s next for the Fed during two days of congressional testimony. Also, attention will turn to Michael Cohen, the former Trump fixer sentenced to three years in prison, who will give two days of congressional testimony.

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FTSE 100 Trading Signals, Forecast and Prediction
The market may well react favourably for the bulls today based on the Brexit vote delay and the US/China tariff delay, and as such we may well pull away from the 7200 level. The bears missed their chance last week to drive it lower and as such I am expecting a rise towards the 7279 level either today or tomorrow. The daily chart has remained positive, and the moving average support has now moved up to the 7093 area so any dip down towards 7100 is likely to be bought up unless driven by news in which case it may overshoot.
[caption id="attachment_14605" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
The 2 hour chart has also remained bullish since Friday and if we see sone strength today we may well see the coral go green, with support then at 7193.
If the bulls were to break the 7280 level then I think the boot will be firmly on the bulls foot and we should see a push towards the 7500 or higher level.
As it feels like we will see a bullish day today, buying the dip is probably the most prudent play, and support initially is at the pivot area at 7190. The bulls will of course be keen to keep the price above 7200 and pull away from this area. Initial resistance is at the 7220 area again where we have the first fib and R1, but the more significant fib is at 7238. We may see a pull back from the 7220 area towards the pivot before a push higher later today.
If the bears were to break 7190 then we are looking at a drop down towards the 7140 area where we have a cluster of supports, with a key level at 7065, just below the daily moving average. If we were to dip to this sort of area I think it will hold for another push higher during Q1. The year has certainly shaken off the naysayers who were predicting doom and gloom after Red October last year.
So, generally feeling positive still - 7190 to 7220 initial range to watch but expecting a push towards 7279.
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

25th February 2019

The bulls remain in charge still for the moment and the 2 hour chart has gone positive with Fridays strength. The Brexit final vote delay and what will be seen to be positive trade news regarding a tariff deadline extension from the US/China talks likely to push things up today. Bull Monday!?

Friday overview

Sterling fell below the $1.30 mark, above which it has been trading for the past few days, after reports that there would be no “deal in the desert” over Brexit this weekend. From tomorrow leaders will gather in Sharm el-Sheikh in Egypt for a summit between the EU and the League of Arab States. Theresa May is set to hold bilateral meetings with Donald Tusk, the President of the European Council, on the sidelines of the summit. It was thought this could be a chance to finalise a Brexit deal but that possibility has been ruled out by Brussels.

It also emerged yesterday that the EU expects the Prime Minister to ask for a three-month delay to Brexit to give more time to work out a deal. Sterling recovered and traded around $1.3060 later on.

Investors had higher hopes for progress in talks between President Donald Trump and China’s chief trade negotiator Liu He yesterday. American stocks rose as it was thought the leaders might strike a deal before the next tranche of US tariffs is due to come into effect on March 1.
Yesterday, there were reports that a full trade summit between President Trump and President Xi Jinping of China is in discussion and could go ahead this spring.

Stock markets in Hong Kong and Shanghai also finished up.

German stocks rose despite more bad news from the eurozone’s largest economy, with figures showing that the business climate is the worst since 2014. Earlier in the week there were signs of trouble in the country’s manufacturing sector and the service sector in the ifo Business Climate Index, with conditions deteriorating “significantly” this month.

Brexit Stakes Raised

U.K. Prime Minister Theresa May once again postponed a final vote on her Brexit divorce agreement, raising the stakes in a battle with members of her own cabinet who are fighting to avert a no-deal exit. The prime minister set a new deadline of March 12 — just 17 days before Brexit day — for parliament to vote on the accord she’s still trying to renegotiate. The move risks making those who are seeking to avoid a catastrophic no-deal departure even more determined to defeat her. They’ll have a chance to do that on Wednesday, when they’ll try to force her to delay exit day in order to avoid the economic damage of crashing out. Meanwhile, it emerged on Sunday that European Union officials are also working on a new plan that could help get the deal over the line at the last minute.

Markets Open

Asian equity futures are higher this morning, following Friday's rally in the U.S. Stocks gained on the positive signs coming from trade negotiations, rising for a fourth-straight week. Treasuries advanced and the dollar declined. Oil posted a second-straight weekly advance. The yuan was higher this morning and will stay in focus. The British pound also ticked higher. Aside from trade and Brexit, of interest to the traders this week: Trump and North Korea’s Kim Jong Un meet in Vietnam and Federal Reserve Chairman Jerome Powell will offer signals on what’s next for the Fed during two days of congressional testimony. Also, attention will turn to Michael Cohen, the former Trump fixer sentenced to three years in prison, who will give two days of congressional testimony.

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FTSE 100 Trading Signals, Forecast and Prediction

The market may well react favourably for the bulls today based on the Brexit vote delay and the US/China tariff delay, and as such we may well pull away from the 7200 level. The bears missed their chance last week to drive it lower and as such I am expecting a rise towards the 7279 level either today or tomorrow. The daily chart has remained positive, and the moving average support has now moved up to the 7093 area so any dip down towards 7100 is likely to be bought up unless driven by news in which case it may overshoot.

[caption id="attachment_14605" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

The 2 hour chart has also remained bullish since Friday and if we see sone strength today we may well see the coral go green, with support then at 7193.

If the bulls were to break the 7280 level then I think the boot will be firmly on the bulls foot and we should see a push towards the 7500 or higher level.

As it feels like we will see a bullish day today, buying the dip is probably the most prudent play, and support initially is at the pivot area at 7190. The bulls will of course be keen to keep the price above 7200 and pull away from this area. Initial resistance is at the 7220 area again where we have the first fib and R1, but the more significant fib is at 7238. We may see a pull back from the 7220 area towards the pivot before a push higher later today.

If the bears were to break 7190 then we are looking at a drop down towards the 7140 area where we have a cluster of supports, with a key level at 7065, just below the daily moving average. If we were to dip to this sort of area I think it will hold for another push higher during Q1. The year has certainly shaken off the naysayers who were predicting doom and gloom after Red October last year.

So, generally feeling positive still - 7190 to 7220 initial range to watch but expecting a push towards 7279.

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