FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 28th March 2023
Asian equities climbed, US stock futures edged higher and the dollar declined as fears of broader contagion from the banking turmoil eased. A gauge of Asian shares climbed about 0.6%, with benchmark indexes rising in Hong Kong, Australia and Japan. European futures also gained.
Global stocks and U.S. bond yields rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector.
After the initial dip off the 7488 level yesterday the bulls fought back and managed to push up to 7500 where its held overnight. As such we may well see a bit more upside today as the 2h chart is now bullish, and the banking worries have receded a bit for the moment. Binance crypto giving them a run for their money now though!
Initially a rise towards the 7535 level looks likely where we have the key fib and the R1 level for today. Above that then the bulls will ultimately be aiming for the daily resistance level at 7592 – possibly today with a strong tailwind so keep an eye out for that level. We do have R2 at 7567 splitting those two key areas though!
Support wise, 7480 is now the daily pivot for today so I would be expecting this to hold initially, and also yesterday’s resistance level of 7488 now becoming support. 7475 is also the 30m 200ema along with the 2h support from both the coral and Hull MA at 7475. As such, any drop down to this area I would like to see hold.
We may well see further consolidation today and a bear Tuesday may well elude us – relief that things are a bit calmer after last weeks moves.
Below the 7475 level then 7450 is S1 and 7434 for the key fib. As you probably guessed I am not expecting it to get that low, though watch for a reaction if it did so.
We may well replicate the ASX200 today which saw a sharp rise initially and then treading water. A little bit of news out at 1500 in the USA being CB consumer confidence. May have a little bit of a reaction if it comes in below the forecast which is also below the previous figure.
So generally looking like the bulls want to pull away from the 7500 level and a rise towards 7592 may well play out if they can break 7535 initially.
Good luck today.
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