FTSE 100 trading, analysis & prediction for today 30th June 2023
The FTSE 100 ended trading 0.38pc lower at 7,471.69, while the FTSE 250 midcap index finished down 0.77pc at 18,270.73. The FTSE 100 has closed in the red after shares in British water utilities sank amid mounting concerns over Thames Water. The UK’s blue-chip index shed almost 0.4pc after Severn Trent’s share price dropped by 2.9pc and United Utilities Group tumbled by 2.53pc.
Asian stocks eased on Friday after a set of strong U.S. economic data bolstered the view that the Federal Reserve will likely keep interest rates higher for longer, while the yen breached a psychologically important barrier amid intervention worries.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.21% but was on course to eke out a gain of over 1% in the first half of the year.
FTSE 100 trading, outlook and prediction
The bulls are certainly trying to keep the momentum going, especially on the S&P500, which is flirting with the 4400 level this morning. The bulls will be aiming to defend any drops and will be trying for a push up towards the 4420 level where we have R2 for today. That in turn may well help the FTSE 100 to defend any drops as well, and push up towards the 7555 daily resistance level.
The slight stumbling block in the way first though is the recent high and now resistance at the 7516 level, so any test of that first thing may well see a retreat and a drop down to retest S1 at 7457.
The FTSE100 2h chart is on the cusp of going bullish once again, and would have a higher support level around 7480 lock in if it does so. That is also the daily support here (7482).
As it’s also the end of the month and just ahead of an extended weekend in the USA, we could see some profit taking later on. It’s also worth looking out for the end of month Dax trade – buy around 3pm and hold it till the 1st. It’s not ideal when it falls over the weekend but could be worth a go with a lower stake.
Back to the FTSE 100 and above the 7515 then 7544 as mentioned, with R2 and the top of the 10d Raff channel here. If the bulls were to really push on and break out above the Raff channel then they will be aiming for the 7593 level ultimately for a test of the daily 200ema, if they can get through the 25ema on the daily chart at 7564. They have tried a couple of times this month but have failed.
Support wise, below the 7457 level then the 7406 level is still showing as support, though that feels a bit pessimistic for today, especially if the S&P500 does manage to break above the 4400 level with a bit of conviction.
On the news front, the USA PCE data at 13:30 will likely see a reaction, with the Michigan Sentiment at 15:00 following on. UK GDP YoY Q1 has just come in at 0.2% as well, as forecasted.
So usual Friday warning for the new members – can be strange trading, Friday end of month so lower stakes and less risk can be worth while.
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