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Another push for the bulls with 7530 7550 7606 resistance | 7467 7420 support

#1 · 22nd December 2022, 11:11 am

Quote from Nick on 22nd December 2022, 11:11 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 21st December 2022
Stocks rallied in Asia Thursday, putting a gauge of the region’s equities on course to snap five days of declines after US shares climbed on improved consumer confidence and better-than-expected earnings. Asian stocks climbed into the black on Thursday after an upbeat reading on U.S. consumers cheered Wall Street investors, while the yen added to the week's massive gains as Japanese bond yields settled into a new higher range.
A bit of festive cheer yesterday as the bulls took control finally, and managed to push the FTSE100 back to the 7500 level. We have since stalled at the 7526 key fib level, but should we break this today then we may well be on for a rise towards the 7585 daily resistance level.
The 2h chart remains bullish with the Hull support at the 7412 level and then the green coral at the 7370 level. I don't think we will get that low today through as its more likely that the bullish momentum from yesterday carries on.
That said, we are about to also test the top of the 10d Raff channel at the 7530 so a stutter here initially for a drop down to the daily pivot at the 7468 would fit the chart pretty well. We also have the top of the 20d Raff channel not too far away at the 7550 level. Few obstacles for the bulls to jump still, before the end of the week.
Looking at the Dax40 and S&P500 charts they also suggest an initial dip down then a further rise. I mentioned yesterday that the 25ema on the daily on both of those charts were coming into play and the Dax40 has nearly reached its one at 14135 - there is also the key fib here for today and in fact we have already dropped off this level this morning.
UK GDP has also just dropped, once again showing a slowing:
UK GDP (Q/Q) Q3 F: -0.3% (est -0.2%; prev -0.2%) - UK GDP (Y/Y) Q3 F: 1.9% (est 2.4%; prev 2.4%)
Below the daily pivot level at 7468 then a retest of the 7420 level once again looks likely, and in fact we have the S1 here, along with the 200ema and key fib. Should we see that level then we should see this hold.
Upside wise, above the 7585 area then 7600 is once again a possible attraction though R2 at 7606 may well stall it. We have a half day tomorrow and as such, this little pump and dump pre Christmas could fizzle out quite easily. Especially with the S&P and Dax nearing that 25ema on the daily. 3924 for that on the S&P500 by the way.
So expecting a bit more upside today continuing from yesterday with a test of the 7585 level fitting well.
Good luck today.
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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.
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Daily Analysis pre market open (sent around 7am each day) for FTSE100, DAX40, Gold and S&P500.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 21st December 2022

Stocks rallied in Asia Thursday, putting a gauge of the region’s equities on course to snap five days of declines after US shares climbed on improved consumer confidence and better-than-expected earnings. Asian stocks climbed into the black on Thursday after an upbeat reading on U.S. consumers cheered Wall Street investors, while the yen added to the week's massive gains as Japanese bond yields settled into a new higher range.

A bit of festive cheer yesterday as the bulls took control finally, and managed to push the FTSE100 back to the 7500 level. We have since stalled at the 7526 key fib level, but should we break this today then we may well be on for a rise towards the 7585 daily resistance level.

The 2h chart remains bullish with the Hull support at the 7412 level and then the green coral at the 7370 level. I don't think we will get that low today through as its more likely that the bullish momentum from yesterday carries on.

That said, we are about to also test the top of the 10d Raff channel at the 7530 so a stutter here initially for a drop down to the daily pivot at the 7468 would fit the chart pretty well. We also have the top of the 20d Raff channel not too far away at the 7550 level. Few obstacles for the bulls to jump still, before the end of the week.

Looking at the Dax40 and S&P500 charts they also suggest an initial dip down then a further rise. I mentioned yesterday that the 25ema on the daily on both of those charts were coming into play and the Dax40 has nearly reached its one at 14135 - there is also the key fib here for today and in fact we have already dropped off this level this morning.

UK GDP has also just dropped, once again showing a slowing:
UK GDP (Q/Q) Q3 F: -0.3% (est -0.2%; prev -0.2%) - UK GDP (Y/Y) Q3 F: 1.9% (est 2.4%; prev 2.4%)

Below the daily pivot level at 7468 then a retest of the 7420 level once again looks likely, and in fact we have the S1 here, along with the 200ema and key fib. Should we see that level then we should see this hold.

Upside wise, above the 7585 area then 7600 is once again a possible attraction though R2 at 7606 may well stall it. We have a half day tomorrow and as such, this little pump and dump pre Christmas could fizzle out quite easily. Especially with the S&P and Dax nearing that 25ema on the daily. 3924 for that on the S&P500 by the way.

So expecting a bit more upside today continuing from yesterday with a test of the 7585 level fitting well.

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