Have we seen the short term high now at 7791 | Learn Analyse Alert

Have we seen the short term high now at 7791 | Learn Analyse Alert

9th August 2018

The bulls continued their run yesterday with the rise to the 7785 resistance area, before we started to see some profit taking. The dividend obviously dropped the cash price down 40 points at the bell but overnight we have seen the gap close with a rise on the futures back to the 7770 level, as Chinese and Hong Kong stocks pushed higher as earnings reports offered a respite from the recent sell-off.

7791 was yesterday’s high in the end so we may see a retest of that if the bulls can push above that 7770 level. Otherwise a decline to 7704 and maybe lower is on the cards.

China confirmed that it will impose 25% tariffs on an additional $16 billion worth of imports from the U.S. from Aug. 23

Crude oil tumbled to a nearly seven-week low as the escalating trade dispute between the world’s biggest economies overshadowed a decline in U.S. stockpiles.

FTSE 100 Trading Signals, Forecast and Prediction

What will be interesting to see today is if the rise yesterday above the 7783 resistance was just a divi fuelled, false breakout, and we have topped at 7791 for the moment, or if the bulls have more in the tank and can push higher than 7802 today. If they can’t break high early on then I am thinking that we are going to see a leg down now, possibly to test the 7650 area, maybe lower.


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