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Bears taking control with 8050 locked in as the high | 7925 7885 support | 7978 8025 resistance

#1 · 22nd February 2023, 11:01 am

Quote from Nick on 22nd February 2023, 11:01 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 21st February 2023
Check out IG for trading https://refer.ig.com/iA6I8q
Asian share markets followed Wall Street into the red on Wednesday as surprising strength in global surveys of services stoked fears that central banks would have to lift interest rates yet further and keep them up for longer.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.97%, after Wall Street posted its worst performance of the year on Tuesday, with an unexpectedly strong reading of S&P Global’s composite purchasing managers’ index (PMI) showing the U.S. economy was not cooling yet.
Bears are slowly getting the upper hand at the moment as the US continues to slide, with the FTSE100 8050 level remaining as the top for the time being. 7950 is the bottom of the Raff channels to start with today so the bulls will be keen to try and defend this area once again, though looking at the Dax40 and S&P500 a dip down a bit further before a possible bounce looks like it might play out. That would then be reflected on the FTSE100 as well, with possibly a test of the 7920 area.
We have a couple of key supports here namely S2 and the key fib, so a bounce off this level would be good, for a rise back to test the 8000 level once again. If the bulls really went for it then the 8030 level remains as resistance to start with.
Below 7916 which is S2, then the bears will definitely have a tail wind, and 7881 S3 comes into view. That is also a significant break of the Raff channels and would set a bearish tone for the rest of the week.
For the bulls, above the 7980 key initial resistance area - daily pivot and the 30m 200ema here - they would be looking at 8006 R1, but as mentioned the 8030 level where we have a key fib for today. Above the 8030 then 8050 as mentioned is the next key level, with 8068 above that though I don't think we will get that high today.
More sabre rattling from Putin yesterday caused a bit of a wobble, though probably all he has done is strengthen the Ukrainians (and supporters) resolve.
Today we have the Fed minutes released at 7pm, so expect some movement then. We may well see a buy the rumour sell the news tomorrow as traders will be looking for future rate increase clues from them.
Not much more to say really, mostly expecting a rise and dip to play out if the Dax 15260 support, S&P500 3990 support and 7920 FTSE100 support all hold.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 21st February 2023

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

Asian share markets followed Wall Street into the red on Wednesday as surprising strength in global surveys of services stoked fears that central banks would have to lift interest rates yet further and keep them up for longer.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.97%, after Wall Street posted its worst performance of the year on Tuesday, with an unexpectedly strong reading of S&P Global’s composite purchasing managers’ index (PMI) showing the U.S. economy was not cooling yet.

Bears are slowly getting the upper hand at the moment as the US continues to slide, with the FTSE100 8050 level remaining as the top for the time being. 7950 is the bottom of the Raff channels to start with today so the bulls will be keen to try and defend this area once again, though looking at the Dax40 and S&P500 a dip down a bit further before a possible bounce looks like it might play out. That would then be reflected on the FTSE100 as well, with possibly a test of the 7920 area.

We have a couple of key supports here namely S2 and the key fib, so a bounce off this level would be good, for a rise back to test the 8000 level once again. If the bulls really went for it then the 8030 level remains as resistance to start with.

Below 7916 which is S2, then the bears will definitely have a tail wind, and 7881 S3 comes into view. That is also a significant break of the Raff channels and would set a bearish tone for the rest of the week.

For the bulls, above the 7980 key initial resistance area - daily pivot and the 30m 200ema here - they would be looking at 8006 R1, but as mentioned the 8030 level where we have a key fib for today. Above the 8030 then 8050 as mentioned is the next key level, with 8068 above that though I don't think we will get that high today.

More sabre rattling from Putin yesterday caused a bit of a wobble, though probably all he has done is strengthen the Ukrainians (and supporters) resolve.

Today we have the Fed minutes released at 7pm, so expect some movement then. We may well see a buy the rumour sell the news tomorrow as traders will be looking for future rate increase clues from them.

Not much more to say really, mostly expecting a rise and dip to play out if the Dax 15260 support, S&P500 3990 support and 7920 FTSE100 support all hold.

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