Discussion Forum for trading analysis, help, signals and learning how to trade. Chat with other traders , post analysis, trades and ask questions. This is the public part of my website. For more in-depth discussions please consider joining to chat with other members

ForumTrading Forum with market discussion and live trades: Market DiscussionBull Monday with 7711 7702 7680 s …

Please or Register to create posts and topics.

Bull Monday with 7711 7702 7680 support | 7764 7783 7810 resistance

#1 · 30th January 2023, 10:55 am

Quote from Nick on 30th January 2023, 10:55 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 30th January 2023
The gloom shrouding the UK economy is beginning to lift, despite more signs that activity declined at the start of 2023, surveys Monday showed. Growing hopes of a brighter economic outlook and cooling price pressures boosted business confidence to a six-month high in January, according Lloyds Banking Group Plc’s monthly business barometer.
Asian shares turned cagey on Monday ahead of a week that is certain to see interest rates rise in Europe and the United States, along with U.S. jobs and wage data that may influence how much further they still have to go. Earnings from a who's who of tech giants will also test the mettle of Wall Street bulls, who are looking to propel the Nasdaq to its best January since 2001.
Slightly weaker start this morning for the bull Monday to begin on the back foot though we have decent looking support at the 7710 level to start with. The Key fib is here, along with daily support and S3, and also just above the round number 7700. It also ties in with another test of the daily 25ema.
As such I would like to see a bounce here to retest the 7765 area where we then come into a cluster of resistance levels.
Below 7700 then the bears will be looking to really capitalise and a drop down to the 7680 level would likely play out in fairly short order. Lower down than the daily support level of 7636 is next up and aligns with the bottom of both the Raff channels for today. As such I would expect a test of this area to hold, though I am not expecting us to get that low today.
The S&P500 has also left a gap at 4068 from Friday which it will likely close today, and with the daily pivot also at that level we may well see a rise to that and then a drop down. That could help to pull the FTSE100 up with it as well.
For the FTSE100 bulls, above the 7765 level then they would be looking to crack 7800 again and possibly the 7810 level where we have the key fib resistance for today. Above that then the 7835 area is next up.
We have been in a fairly tight range for the past week or so, and a breakout one way or the other will be likely. The media are starting to be slightly more positive in a good sign that we may well get another leg up shortly, especially if the pace of rate increases slows a bit. Let the recent increases take effect and see how it plays out. We have EU inflation figures out this week as well so they will be closely watched. Also of note, it's NFP once again on Friday!
So looking at a dip and rise to play out today really, possibly a bit of a bull Monday attempt by the bulls, and a push up on the S&P to that daily pivot likely. If for no other reason than to close the gap!
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

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 30th January 2023

The gloom shrouding the UK economy is beginning to lift, despite more signs that activity declined at the start of 2023, surveys Monday showed. Growing hopes of a brighter economic outlook and cooling price pressures boosted business confidence to a six-month high in January, according Lloyds Banking Group Plc’s monthly business barometer.

Asian shares turned cagey on Monday ahead of a week that is certain to see interest rates rise in Europe and the United States, along with U.S. jobs and wage data that may influence how much further they still have to go. Earnings from a who's who of tech giants will also test the mettle of Wall Street bulls, who are looking to propel the Nasdaq to its best January since 2001.

Slightly weaker start this morning for the bull Monday to begin on the back foot though we have decent looking support at the 7710 level to start with. The Key fib is here, along with daily support and S3, and also just above the round number 7700. It also ties in with another test of the daily 25ema.

As such I would like to see a bounce here to retest the 7765 area where we then come into a cluster of resistance levels.

Below 7700 then the bears will be looking to really capitalise and a drop down to the 7680 level would likely play out in fairly short order. Lower down than the daily support level of 7636 is next up and aligns with the bottom of both the Raff channels for today. As such I would expect a test of this area to hold, though I am not expecting us to get that low today.

The S&P500 has also left a gap at 4068 from Friday which it will likely close today, and with the daily pivot also at that level we may well see a rise to that and then a drop down. That could help to pull the FTSE100 up with it as well.

For the FTSE100 bulls, above the 7765 level then they would be looking to crack 7800 again and possibly the 7810 level where we have the key fib resistance for today. Above that then the 7835 area is next up.

We have been in a fairly tight range for the past week or so, and a breakout one way or the other will be likely. The media are starting to be slightly more positive in a good sign that we may well get another leg up shortly, especially if the pace of rate increases slows a bit. Let the recent increases take effect and see how it plays out. We have EU inflation figures out this week as well so they will be closely watched. Also of note, it's NFP once again on Friday!

So looking at a dip and rise to play out today really, possibly a bit of a bull Monday attempt by the bulls, and a push up on the S&P to that daily pivot likely. If for no other reason than to close the gap!

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