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Bullish start to the week as Boris returns to number 10 | 5770 support | 5870 5928 resistance

#1 · 27th April 2020, 9:31 am

Quote from Nick on 27th April 2020, 9:31 am
FTSE 100 live outlook prediction analysis for 27th April 2020
Friday recap:
S&P 500 +0.4pc
Dow Jones +0.1pc
NASDAQ +0.7pc
FTSE -1.28%
The FTSE 100 finishes 0.6pc lower on the week.
Main events:
Retail sales slumped most on record during March.
German business sentiment continues to plunge.
More companies announced plans to reopen, including housebuilder Persimmon.
Asia's Virus Hotspot
While some coronavirus-hit countries are considering easing lockdowns, Singapore — with one of Asia’s smallest populations —now has the region’s biggest number of cases after the world’s two most populous countries.The island nation reported 931 new cases on Sunday, with the total number of infections exceeding 13,000, overtaking Japan. In Asia, only China and India have more cases. The majority of infections are among migrant workers living in close quarters in dormitories. Meanwhile, U.S. coronavirus cases rose 3.3%, below the one-week average. Italy will ease its lockdown on May 4 after reporting the fewest deaths since mid-March. Fatalities in the U.K. and New York were the lowest in more than three weeks. Spain and France reported the smallest number of fatalities in more than a month as both nations set plans to reopen their economies. New York Governor Andrew Cuomo sketched out a phased-in reopening that begins with construction and manufacturing as soon as May 15. Bill Gates shifted his philanthropy to work on a vaccine.
Market Open
Currency markets were steady in early Monday trading amid positive signs in the fight against the coronavirus and as traders awaited a key Bank of Japan policy meeting. The Australian dollar erased early modest losses and moves were muted elsewhere across foreign-exchange markets. Asian equity futures rose after a move higher for U.S. stocks on Friday. The Federal Reserve joins the BOJ and the European Central Bank announcing policy decisions this week. Several major economies will release GDP numbers, while corporate earnings will keep flooding in, including from Amazon, Barclays and Samsung Electronics.[Bloomberg]
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Global stocks started the week with gains amid signs of positive developments in the fight against the coronavirus and a boost to stimulus measures from the Bank of Japan. The dollar retreated.
For today I am thinking that we will see a dip and rise play out. We have started off the week pretty bullish on the futures, with the FTSE liking the fact that Boris is back at the helm today. That said, we are just pushing past R1 and near R2 to start the day, so I would expect a bit of a dip down to the support at the 5770 area initially. We have the daily pivot, 30min coral and also the 200ema in this area. If the bears were to break below this then 5726 is the fib level to watch.
For the bulls, we look to be on a path towards the 5940 area, and that may well tie in with the S&P testing the 2916 10 day Raff resistance area. Above that the 200ema on the daily is at 2939. Friday saw a decent base form across the board that we are springing up from quite well so far. Gold could stall around this area and looking at the daily has formed a decent double top top around the 1740/1750 area so could see a leg down next. Lower high on this second climb as well lends weight to the bears for the next few sessions.
Initial resistance is 5870 for R2 on the FTSE, today, then 5940 above that on the daily chart, with the top of the 10 day Raff at 5968 though I don't think we get that high today, but you never know!
If the bears were to break below the 5726 fib level then a drop down to 5630 looks to be on the cards and things will start to look a lot weaker.
Not too much to say really, lockdown continues, though is fraying a bit round the edges over the weekend with some "escapes"! Businesses are slowly starting to resume and it wouldn't surprise me if we see a slow organic phased return to work rather than a definite date which would of course lead to a mass movement of people and risk of virus spiking upwards again. Talk of schools not reopening till September now....
Good luck today.
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If you would like more detailed analysis for FTSE 100, 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 FTSE, DAX, Gold and S&P.
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FTSE 100 live outlook prediction analysis for 27th April 2020

Friday recap:

S&P 500 +0.4pc
Dow Jones +0.1pc
NASDAQ +0.7pc
FTSE -1.28%
The FTSE 100 finishes 0.6pc lower on the week.

Main events:

Retail sales slumped most on record during March.
German business sentiment continues to plunge.
More companies announced plans to reopen, including housebuilder Persimmon.

Asia's Virus Hotspot

While some coronavirus-hit countries are considering easing lockdowns, Singapore — with one of Asia’s smallest populations —now has the region’s biggest number of cases after the world’s two most populous countries.The island nation reported 931 new cases on Sunday, with the total number of infections exceeding 13,000, overtaking Japan. In Asia, only China and India have more cases. The majority of infections are among migrant workers living in close quarters in dormitories. Meanwhile, U.S. coronavirus cases rose 3.3%, below the one-week average. Italy will ease its lockdown on May 4 after reporting the fewest deaths since mid-March. Fatalities in the U.K. and New York were the lowest in more than three weeks. Spain and France reported the smallest number of fatalities in more than a month as both nations set plans to reopen their economies. New York Governor Andrew Cuomo sketched out a phased-in reopening that begins with construction and manufacturing as soon as May 15. Bill Gates shifted his philanthropy to work on a vaccine.

Market Open

Currency markets were steady in early Monday trading amid positive signs in the fight against the coronavirus and as traders awaited a key Bank of Japan policy meeting. The Australian dollar erased early modest losses and moves were muted elsewhere across foreign-exchange markets. Asian equity futures rose after a move higher for U.S. stocks on Friday. The Federal Reserve joins the BOJ and the European Central Bank announcing policy decisions this week. Several major economies will release GDP numbers, while corporate earnings will keep flooding in, including from Amazon, Barclays and Samsung Electronics.[Bloomberg]

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

Global stocks started the week with gains amid signs of positive developments in the fight against the coronavirus and a boost to stimulus measures from the Bank of Japan. The dollar retreated.

For today I am thinking that we will see a dip and rise play out. We have started off the week pretty bullish on the futures, with the FTSE liking the fact that Boris is back at the helm today. That said, we are just pushing past R1 and near R2 to start the day, so I would expect a bit of a dip down to the support at the 5770 area initially. We have the daily pivot, 30min coral and also the 200ema in this area. If the bears were to break below this then 5726 is the fib level to watch.

For the bulls, we look to be on a path towards the 5940 area, and that may well tie in with the S&P testing the 2916 10 day Raff resistance area. Above that the 200ema on the daily is at 2939. Friday saw a decent base form across the board that we are springing up from quite well so far. Gold could stall around this area and looking at the daily has formed a decent double top top around the 1740/1750 area so could see a leg down next. Lower high on this second climb as well lends weight to the bears for the next few sessions.

Initial resistance is 5870 for R2 on the FTSE, today, then 5940 above that on the daily chart, with the top of the 10 day Raff at 5968 though I don't think we get that high today, but you never know!

If the bears were to break below the 5726 fib level then a drop down to 5630 looks to be on the cards and things will start to look a lot weaker.

Not too much to say really, lockdown continues, though is fraying a bit round the edges over the weekend with some "escapes"! Businesses are slowly starting to resume and it wouldn't surprise me if we see a slow organic phased return to work rather than a definite date which would of course lead to a mass movement of people and risk of virus spiking upwards again. Talk of schools not reopening till September now....

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 FTSE 100, 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 FTSE, DAX, Gold and S&P.
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

Keep up to date with new content, free sign up below

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