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Bulls fail to hold above 7000 again | 6930 then 6890 support | Dicey! | Trading analysis
26th October 2018
What a day yesterday, the long from the 6895 support area did really well, and we actually managed to get a high of 7020 before the bears came charging back for a run down overnight back to 6940. I am still of the opinion that of 6890 breaks then we are likely to see the 6600 area.
The S&P 500 Index finished higher for the first time in seven days, propelled by strong earnings results from Twitter, Microsoft and Tesla. The Dow Jones Industrial Average surged 400 points, after tumbling 600 points Wednesday. The optimism may turn out to be short lived, with shares of Amazon and Alphabet falling after the tech bellwethers reported disappointing results following the close of regular trading.
European and US markets charged higher as tech stocks surged but sharp losses for blue-chip heavyweights WPP, AstraZeneca and BT held back London's blue-chip index. The FTSE 100 gained 0.6pc while tech stocks led the S&P 500 to a 1.8pc rally. Markets have been gripped by fears that corporate earnings and global growth have already peaked, putting a nine-year bull run under threat.
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FTSE 100 Trading Signals, Forecast and Prediction
There is initial support at 6930 this morning but if this breaks then I expect we will dip down to S1 at 6886. There is daily support just below this at 6875 as well, so we may see a test of this area hold today.
The drop last night was on earnings but it's possible the bulls can keep the daily FTSE momentum going from yesterday. They will certainly be keen to get the price above 7000, and a break of 7005 is likely to revisit the 7075 level.
Bit of a tricky one to call today but watching 6930 and 6880 for support really.
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