Monday, August 6, 2018

FTSE 100 - 07 August 2018


Fundamental Highlights

Stocks in London are set for a positive start on Tuesday following a rebound by Chinese exchanges. Traders are terrified about the possibility of a 'no-deal' Brexit. The more we hear the phrase 'no-deal Brexit', the more likely the FTSE 100 will remain volatile and directionless. In early economic news, retail sales in the UK cooled last month as buoyant spending on food and drink spurred by the warm weather failed to offset a wider slowdown in consumer expenditure. Still to come in the economic calendar is the UK Halifax house prices.

Technical Analysis

The UK Index is still trading in a range on a 4-hour chart with volatile swings from support to resistance, which is the perfect scenario for short-term traders. I don't expect any imminent change to this market anytime soon. The RSI looks mixed to bullish suggesting short-term upward momentum.

Support: 7625 7560
Resistance: 7695 7770

Chart (H4)