Quote from Nick on 29th April 2020, 9:20 am

FTSE 100 live outlook prediction analysis for 29th April 2020

• European shares rose to a seven-week high as more European countries outlined their plans to ease lockdown restrictions
• In an unscheduled announcement, British Airways owner IAG said it is to make 12,000 staff redundant​ at the airline
• The collapse of the oil price collapse hammered BP's profits
• HSBC quarterly profit nearly halved after bad loan provision
• UK grocery sales growth slows
• US crude oil drops through $11/barrel as fund sells holdings

European stocks finish the day firmly in the green, with the FTSE 100 almost breaking through the 6,000 points mark – it has not been that high since the first week in March. It closed at 5958.5, up 111.71 or 1.91%. The S&P has managed to regain ground above 2900 overnight as well, and looks to be heading for the top of the 10 day Raff channel at 2940. The FTSE channel top is at 6146.

Virus Update
Cases in the U.S. surpassed 1 million, according to data compiled by Johns Hopkins University. New York City reported a decline in the number of people admitted to hospitals for the new coronavirus, while the state’s governor, Andrew Cuomo, laid out criteria necessary for some upstate regions to reopen. Singapore is scaling up medical facilities as the number of virus cases inches closer to 15,000, making it Asia’s most-infected nation after China and India. France plans to begin reopening shops on May 11, while Spain is preparing for a “new normal” as Europe’s most hard-hit nation removes restrictions over the next eight weeks.The number of new infections in Germany fell below 1,000 for the first time in more than five weeks. Meanwhile, China’s top scientists said the virus won’t be eradicated, joining a growing consensus that the pathogen will probably return in waves.[Bloomberg]

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

Stocks in Asia climbed with U.S. equity futures as earnings continued to roll in. The dollar extended this week’s declines. Shares in Hong Kong, Shanghai and Sydney rose. Equities advanced in Seoul despite a warning from Samsung Electronics Co. that profit may fall in the second quarter as the pandemic hits demand. Wednesday’s gains pushed Asia-Pacific stocks up 20% from recent lows, set to join global peers in a bull market. Nasdaq futures climbed about 1.5% after Alphabet Inc. reported better-than-estimated sales. U.S. equities saw a volatile session Tuesday with megacap tech stocks retreating amid a slide in consumer confidence and as more companies withdrew earnings guidance. Japan is shut for a holiday and Treasuries won’t trade until the London open. Oil advanced.

The bulls managed to push on yesterday and overnight we have nearly managed the 6000 level, after positive earnings data out after the US bell yesterday. As such, we may see a bit of follow through today, as the longer term charts remain bullish for the moment and a test of the top of the 10 day channels looks distinctly possible. The bears took a bit of a hit yesterday and the 5940 resistance level was broken quite easily in the end. That said there is resistance on the S&P at 2935 initially today, which is just below that channel (2940) so think that if we see a rise to this area then a short here is worth a go. That may well tally with the FTSE pushing on a bit higher, and R2 at 6060 looks possible if the bulls break 6000. Above that then the top of the 10 day Raff at 6146 is the next major area of resistance. We also have the 20 day channel top just above this at 6150 - so should we get towards testing the top of these channels this week then a drop from here may well happen.

The immediate plan for the bulls will be to push above 6000 though, as with R1 here, and the overnight high, its decent resistance to start with. As such I think that we may see a bit of a dip to start with this morning, possibly to close the gap a bit with yesterdays close price at 5958. That would also tie in with the 30min chart support at 5955 with the green coral here.

The FTSE daily chart still has support at 5790 for now, so should we get a dip down to test this 25ema in the next few sessions then a bounce here may well happen.

So, can the bulls push on towards that 6100 area today? Am watching the 6000 resistance level first up. 5955 for support, with 5878 below that where we have the 200ema on the 30min and also the key fib support.  Good luck today.

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