FTSE 100 prediction | day trading for beginners | analysis for today 5th July 2023
Day trading for beginners - Asian shares fell on Wednesday after a slowdown in China’s services activity dented sentiment and as markets turned their focus to the release of Federal Reserve minutes and a key U.S. jobs report later in the week.
Market conditions were subdued following the Independence Day public holiday on Wall Street on Tuesday. S&P 500 futures dipped 0.1% and Nasdaq futures fell 0.2%.
FTSE 100 prediction to help with day trading for beginners
After the public holiday yesterday for US Independence Day, we will likely have a bit more action today. The bull flag is still in play on the S&P so if the bulls can defend the 4442 2h coral support line then we may well see a push up later on. That should then follow though into the FTSE100 and a buy the dip day plays out.
I am looking at a drop down to the 7480 level on the FTSE100 initially today and then would like to se this hold. We have S3 here and also the key fib for today.
All support and resistance levels get quite condensed the day after a fairly flat one so a move to the extremes is more likely as well.
Should the bears break below the 7478 S3 level we will likely get a slide down to the 7450 level, and possibly even the 7420 where we have the bottom of the 10d Raff channel. That seems rather pessimistic for today even though the recent pattern has been a weak Wednesday I am more inclined to go with the 7480 level holding.
Resistance wise, if the bulls push on then 7525 is the main level to overcome as we have the daily pivot here, along with a cluster of levels on the 30m chart - coral, 200ema mainly - and as such the bears may well try and build on yesterdays slide from this area. Above that then a retest of the 7540 level that we shorted yesterday looks likely as we have R1 here for today.
Should the bulls pop through this level then that daily resistance level at 7587 is still in play, and we also have the key fib at 7575. Feels a bit optimistic for today but do bear it in mind. If the S&P does push on then it's not beyond the realms of possibility that we also get a decent bull run kicking in. July seasonality in play too of course as you have seen from previous emails.
Good luck today.
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