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FTSE100 live outlook prediction analysis for 19th May 2023
Asian shares rose on Friday and the dollar hung near a two-month peak as increased hopes of a deal over the U.S. debt ceiling and strong economic data lifted sentiment, while Japan’s Nikkei jumped to highest in nearly 33 years.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.20% in choppy trading and was set to clock a gain of 0.6% for the week, its best run in over a month. Australia’s S&P/ASX 200 index rose 0.66%, while Japan’s Nikkei continued its ascent, rising to its highest since August 1990, during the country’s so-called bubble era.
A series of strong corporate results, an economy that is showing signs of a revival and a renewed interest from foreign investors in the wake of increased investment by Warrant Buffett has boosted Nikkei, with the index soaring 18% in the year, far outperforming other major Asian markets.
The bulls have defended the 7730 support level though taken a while and looks like we may well get a bit more upside today on debt ceiling optimism. It is also Option Expiry today so expect some volatility at 10:10 this morning as the futures contracts roll over.
Initial resistance is at 7786 and then 7830 above that. I wouldn’t be surprised if we get a stepped rise today to test the 7810 level at least.
Support wise, the bulls will be defending the daily pivot and 30m 200ema at 7750, and we also have the green 30m coral here. As such I would like to see any dip to this defended.
Should the bears break 7750 then the 7710 level is the next main support level they will be aiming for, though we could see a defence of yesterday’s low at the 7725 level.
Generally it still looks bullish, and the S&P will be keen to push on past the 4200 level. If that drops down to the daily pivot at 4190 I would also like to see that hold.
Good luck today and have a great weekend.
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