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7640 is key resistance with 7667 above | Bulls in control still | 7582 7555 support

#1 · 5th June 2023, 8:43 am

Quote from Nick on 5th June 2023, 8:43 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 5th June 2023
Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts. Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06.
Oil prices have recently come under pressure amid heightened concerns about China's slowing economic recovery. They rose after Saudi Arabia announced it would cut its output to 9 million barrels per day in July, from around 10 million bpd in May, the biggest reduction in years, while a broader OPEC+ deal to limit supply into 2024 also underpinned futures.
S&P 500 futures dipped 0.1% and Nasdaq futures dropped 0.3% in Asian hours, after a strong rally on Friday, driven by a mixed U.S. jobs report, a resolution to the debt-ceiling issue and the prospect of a U.S. rate pause this month.
Turned into a strong breakout by the bulls on Friday pushing through the 7550 resistance easily and onto a break of 7600. That has subsequently held over the weekend and we may well get a further push up the week. The bulls will want to defend the drops though and 7555 and 7500 are the main supports to watch for.
The S&P500 could push to R1 today, drop back to the daily pivot and then push up again to hold above 4300. The 2h charts are all bullish as you would expect so buying the dip is probably the right strategy for the moment.
Initial resistance for the FTSE100 is close, at 7640 which is the top of a descending trend line on the daily chart. We have also just pushed though the top of the 10d Raff channel for a breakout on that too, so a drop back to retest that at 7600, and possibly a bit lower, would make sense.
Above 7640 then the next level of note is 7683 for a test of the 20d Raff channel and 7714 for R2. Might be a big ask and a bit of consolidation after the rise on Friday would make sense and I would like to see the FTSE100 try and defend the 7555 level where we have the 200ema on the 30m chart.
R1 does also tie in with another test of the 25ema on the daily today as well at 7670 so keep an eye on this level should we break 7640.
Not too much more to say really, expecting a bit more upside over the next few sessions as long as the bulls defend any drops.
Only news today is at 15:00 in the US, ISM Services PMI, with 52.3 forecast versus 51.9 previously.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 5th June 2023

Most Asian stock markets extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped after Saudi Arabia pledged big output cuts. Brent oil rose 1% to $76.89 a barrel, giving up some of its earlier gains to as high as $78.73, while U.S. crude climbed 1.2% to $72.61 a barrel, after hitting a session high of $75.06.

Oil prices have recently come under pressure amid heightened concerns about China's slowing economic recovery. They rose after Saudi Arabia announced it would cut its output to 9 million barrels per day in July, from around 10 million bpd in May, the biggest reduction in years, while a broader OPEC+ deal to limit supply into 2024 also underpinned futures.

S&P 500 futures dipped 0.1% and Nasdaq futures dropped 0.3% in Asian hours, after a strong rally on Friday, driven by a mixed U.S. jobs report, a resolution to the debt-ceiling issue and the prospect of a U.S. rate pause this month.

Turned into a strong breakout by the bulls on Friday pushing through the 7550 resistance easily and onto a break of 7600. That has subsequently held over the weekend and we may well get a further push up the week. The bulls will want to defend the drops though and 7555 and 7500 are the main supports to watch for.

The S&P500 could push to R1 today, drop back to the daily pivot and then push up again to hold above 4300. The 2h charts are all bullish as you would expect so buying the dip is probably the right strategy for the moment.

Initial resistance for the FTSE100 is close, at 7640 which is the top of a descending trend line on the daily chart. We have also just pushed though the top of the 10d Raff channel for a breakout on that too, so a drop back to retest that at 7600, and possibly a bit lower, would make sense.

Above 7640 then the next level of note is 7683 for a test of the 20d Raff channel and 7714 for R2. Might be a big ask and a bit of consolidation after the rise on Friday would make sense and I would like to see the FTSE100 try and defend the 7555 level where we have the 200ema on the 30m chart.

R1 does also tie in with another test of the 25ema on the daily today as well at 7670 so keep an eye on this level should we break 7640.

Not too much more to say really, expecting a bit more upside over the next few sessions as long as the bulls defend any drops.

Only news today is at 15:00 in the US, ISM Services PMI, with 52.3 forecast versus 51.9 previously.

Good luck today.

Recommended Broker

IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!

Membership and Live Trading

If you would like more detailed analysis for FTSE100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.

What you get

Daily Analysis pre market open (sent around 7am each day) for FTSE100, DAX40, Gold and S&P500.
Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
Telegram live trading room and webinar group membership for discussion and realtime trade updates