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FTSE100 live outlook prediction analysis for 30th March 2023
The FTSE 100 climbed 1.07pc Wednesday to close at 7,564.27, while the FTSE 250 midcap index rose 1.28pc to 18,632.81. The FTSE 100 was lifted by British property developers Persimmon (share price up 3.08pc), Taylor Wimpey (up 3pc) and Barratt Developments (up 2.7pc).
Asian stocks drifted lower, US futures fluctuated and contracts for Europe rose marginally in listless trading Thursday. The dollar and Treasuries were confined to range-bound trading. A key indexes around Asia held to moves of less than 1%, underscoring the subdued trade. Declines in Japanese and Chinese stocks were partly attributed to quarter-end rebalancing. Australian and South Korean markets eked out increases.
Overnight Wall Street indexes jumped after the U.S. banks’ top cop appeared before Congress and focused remarks on failures at Silicon Valley Bank and its supervision, rather than broader systemic issues across the financial sector.
We got the trending day in the end yesterday and the slow grind up which has eventually managed the 7590 level pre-open this morning. As this is daily resistance we may well see an initial small pull back first thing and then more upside later as the bulls will be keen to build on this rise and get it back above the 7600 level ASAP. Likewise the S&P500 will want to put more distance between the price and the 4000 level.
If we do get an initial drop back then I would like to see it get as far as the daily pivot at the 7535 level and then that to act as a decent springboard for a rise towards the 7600 level and higher. All the 2h charts remain bullish and we have good support at 7520 FTSE100, 4010 S&P500, and 15250ish Dax40.
Below the 7535 level then 7510 would be the next key area of note as we have the 30m 200ema here, and then 7487 for the key fib. That’s just below S1 at 7497, so should the bears take it down to this area then a bounce here, also being the round number, would probably occur. I don’t think it will get that low as the worm is now starting to turn and last weeks bearishness is wearing off for a bit. Also don’t forget that seasonality!!
Above the 7590 then 7637 is R2 and would probably be seen, as we also have the top of the 20d Raff channel at 7650 – as such this area could well put the brakes on any rise, at least initially.
At 1330 today we have US GDP Growth Rate QoQ Final (Q4) with the forecast 2.7& versus 3.2% previously. Probably priced in but any major deviation from this will have an effect. Given the recent buying it may well beat the 2.7% as it’s probably already known by those that need to know.
So expecting the strength to continue for a while more, though watch 7590 and 7650 resistance levels today. 7535 and 7500 support.
Good luck today.
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