Bulls will want to push on with 7638 7666 7690 resistance | 7606 7560 support

Bulls will want to push on with 7638 7666 7690 resistance | 7606 7560 support

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 31st March 2023

The FTSE 100 closed 0.74pc higher at 7,620.43, after pushing to its highest level in two weeks. Despite its gains the FTSE 100 remains far short of reversing its losses over March. Meanwhile, the FTSE 250 midcap index grew by 1.48pc.

Asian stocks advanced with US and European equity futures as a gauge of global shares headed for a second-straight quarterly gain, underscoring investor optimism in the face of banking turmoil and elevated interest rates.

The bulls continue to push on and managed to hold it above 7600 yesterday. They are now testing the daily 25ema though at 7620 which has stopped the advance so far. As such we may well see a dip and rise today with this resistance level acting as a catalyst for some end of week/month/quarter profit taking.

If they are able to push above this then 7638 is yesterday’s high and the next level of note, with the 7666 level remaining in play as very key resistance on the daily chart. That also ties in with the R1 and key fib levels for today so should it get this high today then I would expect to see a move down from this area.

Above that then the bulls would be aiming for 7700 and the banking “crisis” (read manufactured sell off event) will be swiftly forgotten about with 7200 miles away now. R2 is at 7689 as well.

Gold continues to front run and started to rise again yesterday which could suggest a drop on indices today. Its just coming into resistance at 1990 though but the 2h chart has gone bullish now, with decent support at the 1968 level – a dip and rise on this holding that level would fit the charts pretty well and would suggest a rise and drop for indices as well.

Support wise, the daily pivot is at 7606 and also ties in with the Hull MA on the 2h which has 7590 and rising as its key level. As such if we get an initial drop down to here then we could see a bounce, possibly up to test that 7666 level before an end of day drop.

Below 7590 though and the bears will have a go at dropping it down to the daily support level of 7574 which would probably be achievable today if they get some momentum.

So, usual Friday caveat – be a bit cautious. Watch that 7600 area for support initially, and then 7665 area for resistance.

Good luck today and have a great weekend.

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