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Bull Monday (possibly!) with 8000 needing to hold | 8030 8061 resistance | 7999 7953 support

#1 · 20th February 2023, 10:41 am

Quote from Nick on 20th February 2023, 10:41 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 20th February 2023
Stocks in Asia edged higher and the dollar was little changed as investors weighed hawkish comments from Federal Reserve officials and geopolitical tensions. A rebound in Chinese shares pushed a gauge of Asian stocks higher, while US futures fluctuated following a decline in the S&P 500 Index on Friday as it slid for a second week.
A valiant fight back by the bulls on Friday saw the price get back above 8000 and has now risen to test the 2h resistance at 8025 to start the week. As such we may well see a dip and rise play out today, with the bulls aiming for a test of the 8064 R2 and key fib resistance level. If they can break above 8028!
Initial support is at the 8000 level as we have a cluster of support here, namely the daily pivot and 30m coral (green) and I would like to see this hold after the rise back on Friday for a push higher. The Raff channels are still heading up with the bullish momentum holding for the time being.
Below 8000 then the bears will be aiming for 7953 and Fridays low as we have the key fib level here for today. That said I think we will get a bull Monday and any dips will get bought up again. Rhetoric is ramping up around rate rises yet again, though most are priced in now.
If the bulls were to really push on today and break above the 8065 level then R3 is at 8105, though of course 8100 may well also be a stumbling block being the next key round number. The top of the Raff channels are higher still so probably wont get tested today, being at the 8128 level.
The S&P500 will be keen to get above 4100 however we have 2h resistance here, and 4116 is the now red 2h coral as well. However, any early drop down to the 4070 level I would like to see hold for a spring back up test that 4100 area. Below 4070 then 4055 is S1 while the bottom of the 20d Raff channel at 4032 coincides with S2 and may well hold should it get that low. The 10d Raff is more bearish on this one, and is heading down, while the FTSE100 and Dax40 10d Raff channels are still heading up.
So, a possible bull Monday and a dip and rise to play out.
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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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 20th February 2023

Stocks in Asia edged higher and the dollar was little changed as investors weighed hawkish comments from Federal Reserve officials and geopolitical tensions. A rebound in Chinese shares pushed a gauge of Asian stocks higher, while US futures fluctuated following a decline in the S&P 500 Index on Friday as it slid for a second week.

A valiant fight back by the bulls on Friday saw the price get back above 8000 and has now risen to test the 2h resistance at 8025 to start the week. As such we may well see a dip and rise play out today, with the bulls aiming for a test of the 8064 R2 and key fib resistance level. If they can break above 8028!

Initial support is at the 8000 level as we have a cluster of support here, namely the daily pivot and 30m coral (green) and I would like to see this hold after the rise back on Friday for a push higher. The Raff channels are still heading up with the bullish momentum holding for the time being.

Below 8000 then the bears will be aiming for 7953 and Fridays low as we have the key fib level here for today. That said I think we will get a bull Monday and any dips will get bought up again. Rhetoric is ramping up around rate rises yet again, though most are priced in now.

If the bulls were to really push on today and break above the 8065 level then R3 is at 8105, though of course 8100 may well also be a stumbling block being the next key round number. The top of the Raff channels are higher still so probably wont get tested today, being at the 8128 level.

The S&P500 will be keen to get above 4100 however we have 2h resistance here, and 4116 is the now red 2h coral as well. However, any early drop down to the 4070 level I would like to see hold for a spring back up test that 4100 area. Below 4070 then 4055 is S1 while the bottom of the 20d Raff channel at 4032 coincides with S2 and may well hold should it get that low. The 10d Raff is more bearish on this one, and is heading down, while the FTSE100 and Dax40 10d Raff channels are still heading up.

So, a possible bull Monday and a dip and rise to play out.

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