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Bear Tuesday with 7915 7883 support | 7940 7986 resistance | Rishi Brexit deal

#1 · 28th February 2023, 11:47 am

Quote from Nick on 28th February 2023, 11:47 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 28th February 2023
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Markets moved higher yesterday after Rishi Sunak agreed a deal with the European Union to settle post-Brexit trading arrangements in Northern Ireland. The pound rose as much as 0.9pc to well above $1.20 as the Prime Minister announced a "decisive breakthrough" in talks and unveiled what he called "the Windsor framework". The deal includes green and red lanes for goods travelling to Northern Ireland depending on whether they are destined for the UK or international markets.
The FTSE 100 ended up 0.8% while the domestically-focused FTSE 250 jumped 0.9% in yesterday's session.
Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes.
The bulls are still hanging in there, and the Brexit EU deal yesterday helped them pull away from the 7900 level to keep alive hopes of another rise up towards and through 8000.
However, with the bull Monday yesterday comes the likely bear Tuesday today, though we do still have the 18 point dividend on Wednesday to help the bulls. Initially today we could get a rise towards the 7985 resistance area, and that could also tie in with the S&P500 testing the top of the Raff channels again. They were at 4020 yesterday and the bears drove it down quite well off them. Today they are lower at 4005 area and once again both in the same area. Will likely see a reaction.
The FTSE100 2h chart is bullish still with 7910 as support so should we get an initial drop down to this area then I would like to see this hold. A break of the 7900 level still has that 7850 area as support below 7885. 7885 might actually hold well today as we have a cluster of supports here - namely the fib, daily level and S2.
Below 7850 though and the 7800 level would likely be seen, but I don't think we will get that low today (famous last words!)
For the bulls, a rise towards the 7985 level as mentioned, and a break of that will likely see R3 at 8006. As per yesterday they will need to be quick out the blocks though. It feels like a short the rallies day today, with a rise and dip likely to play out across the board, if the key supports are defended to start with.
Keeping a close eye on the 3970 SPX support, and the 7910 FTSE100 level.
Good luck today
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 28th February 2023

Check out IG for trading https://refer.ig.com/iA6I8q

Markets moved higher yesterday after Rishi Sunak agreed a deal with the European Union to settle post-Brexit trading arrangements in Northern Ireland. The pound rose as much as 0.9pc to well above $1.20 as the Prime Minister announced a "decisive breakthrough" in talks and unveiled what he called "the Windsor framework". The deal includes green and red lanes for goods travelling to Northern Ireland depending on whether they are destined for the UK or international markets.

The FTSE 100 ended up 0.8% while the domestically-focused FTSE 250 jumped 0.9% in yesterday's session.

Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes.

The bulls are still hanging in there, and the Brexit EU deal yesterday helped them pull away from the 7900 level to keep alive hopes of another rise up towards and through 8000.

However, with the bull Monday yesterday comes the likely bear Tuesday today, though we do still have the 18 point dividend on Wednesday to help the bulls. Initially today we could get a rise towards the 7985 resistance area, and that could also tie in with the S&P500 testing the top of the Raff channels again. They were at 4020 yesterday and the bears drove it down quite well off them. Today they are lower at 4005 area and once again both in the same area. Will likely see a reaction.

The FTSE100 2h chart is bullish still with 7910 as support so should we get an initial drop down to this area then I would like to see this hold. A break of the 7900 level still has that 7850 area as support below 7885. 7885 might actually hold well today as we have a cluster of supports here - namely the fib, daily level and S2.

Below 7850 though and the 7800 level would likely be seen, but I don't think we will get that low today (famous last words!)

For the bulls, a rise towards the 7985 level as mentioned, and a break of that will likely see R3 at 8006. As per yesterday they will need to be quick out the blocks though. It feels like a short the rallies day today, with a rise and dip likely to play out across the board, if the key supports are defended to start with.

Keeping a close eye on the 3970 SPX support, and the 7910 FTSE100 level.

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