4th June 2018 – FTSE 100 Trading signals – Learn to trade the markets
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For this week, a trade showdown looms as U.S. to meet Group of Seven allies at summit, Asian markets gain after U.S. jobs numbers though trade clouds gather, and rate decisions in Australia and India are among key economic events.
China warned that all commitments so far in talks with the U.S. over trade will be withdrawn if the president carries out his threat to impose tariffs. While both the U.S. and China reported some progress in discussions at the weekend about how to reduce China’s $375 billion goods-trade surplus with the U.S., President Donald Trump’s revival last week of a plan to slap tariffs on $50 billion of Chinese imports has thrown the talks into turmoil.
Gold continues to look bearish, with the chance of holding above $1300 this week looking unlikely. Could be a sell all week on that.
FTSE 100 Trading Signals, Forecast and Prediction
We have risen a bit on the futures following gains in Asia, and it looks like a rise this morning towards the 10 day Raff channel top at 7745 is likely first thing. Fridays close was 7701, so its possible that we get a drop back to that level and then see a bounce. The 7700 level is showing some decent support now too, with the 200ema on the 30min at 7704, and a rising 2 hour support line, currently at 7686, but rising towards the 7700 area too, and may well show 7700 support for midday approx today.
There is also the 2 hour coral at 7667 for support, and an area that looks quite key. If the bears break this then 7610 looks pretty likely and is a level that we may well bounce at.
For today I am thinking that we will see a rise dip rise scenario, though a lot is dependant on news flow and reaction to the ongoing trade tariff saga. Certainly looks possible that we get a rise back towards 7890 this week!
Bloomberg’s Asia Report here
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