Still looks bearish but possible support 7500 7525 | 7600 resistance | Analysis signals alerts education

More bull today for 7480 possibly 7538 | 7435 7385 support | Earnings season | learning chat room

30th August 2018

Was a bit disappointing that we didn’t get a rise yesterday morning on the FTSE towards the 7670 resistance but it certainly remained bearish all day. Had looked like it was going to be that way first thing, and despite the US climbing to yet another record high the FTSE was subdued and fell. Mainly due to a sharp rally in cable (USDGBP) towards 130 after the EU’s chief Brexit negotiator, Michel Barnier, said he would offer the UK a trade agreement “such as there never has been”, while French President Emmanuel Macron was also reportedly softening his position in a bid avoid a “No Deal” scenario. Barnier had said the EU was prepared to offer the UK a unique agreement which would mean an unprecedentedly close relationship with the bloc.

U.S. stocks plowed to new records amid a broad rally in technology shares, as investors speculated the Trump administration will make progress this week on trade spats. The S&P 500 Index rose a fourth day to close above 2,900 for the first time, as and Alphabet climbed following an upbeat report from Morgan Stanley. The Nasdaq indexes hit fresh highs.

FTSE 100 Trading Signals, Forecast and Prediction

If the bears can break the 10 day Raff channel at 7548 then we are looking at decent support at the 7527 level where we have both S1 and a fib level for today. If the bears break below this area then look to flip to a short as we should see a run down towards the 7400 level.

The sentiment out of the US is still pretty positive with the NAFTA negotiations and the trade talk with China. Canada are also talking about negotiation on trade with the US and yesterday again saw new record highs on the S&P – though it won’t keep doing that indefinitely and will turn soon. The FTSE could of course just be front running that, though cable is the larger influence in the short term.


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