Quote from Nick on 29th June 2021, 11:00 am

FTSE 100 live outlook prediction analysis for 29th June 2021

The FTSE100 bulls have defended the 7070 support level pretty well overnight and as such we could see an initial kick up to the red (bearish) 30min coral line at 7086 initially. We may also see a test of the daily pivot and 200ema though at the 7100 level before the bears try and drive it down again for a bit of bear Tuesday initially. If they do then I am thinking that we will drop down to the key fib and S1 level at 7050 and in an ideal world this holds well for a push back up towards the 7120 area where we have the 2 hour resistance.

Though lacklustre yesterday the S&P500 bulls defended yesterday as well and we got a small rise and the potential for a rise towards the 4300 remains. The bulls will really need to defend the dips though early this week and 4277 being S1 is the main level for today to hold. A break of R1 at 4295 would bode well for more upside as well.

With the weakness yesterday on the FTSE100 the 2h chart is bearish, with 7120 resistance and 7110 for the coral. It's still green at the moment, but moving below that line gives the bears more control. As such keep an eye on the 7100 to 7120 resistance zone to start with today.

The 10 day Raff channel has also turned down as the end of June seasonal weakness plays out (but for how long?) though we are not currently anywhere near the top or bottom of that channel. The closest Raff element is the bottom of the 20 day at 6950.

If the bears were to break 7050 then 7017 is S2 and just below the 7027 daily support - again I would expect the bulls to defend this 7120ish area as a break of that will likely see 6970 and then that 20d 6050 level.

If the bulls were to break above the 7135 level then 7170 is the next key level, with the R3 level of 7220 above that though I am not expecting us to get there today! The top of the 10 day Raff channel is at 7244 - again not likely today.

So, probably another slightly slow day, with a drift up toward the 7120 area. Good luck today.

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

Asian Session

Asian stocks dipped Tuesday amid concerns a more infectious Covid-19 strain will derail an economic recovery. Treasuries and the dollar were steady after gains.

An MSCI index of Asia-Pacific shares was on track for its first decline in six days as countries in the region are struggling to contain the highly transmissible Delta variant of the virus. U.S. futures dipped after technology stocks led U.S. benchmarks to fresh records Monday. New limits on travel from Britain, which is seeing a spike in cases, dragged on cruise operators and airlines.

The Treasury yield curve flattened amid month-end index rebalancing and the break in auctions until July 12, reducing supply. Oil extended a decline with the market expecting OPEC+ producers to increase supply at an upcoming meeting. Bitcoin was steady around mid-$34,000.

Global stocks are poised to close out their fifth quarterly advance amid a worldwide vaccine rollout that powered an economic recovery and sparked concerns about increasing prices pressures and the withdrawal of stimulus measures. The recovery also drove the reflation trade as more economies reopened, though that is being hampered as some countries, especially in Asia, are falling behind in their vaccine strategies.

The U.S. is now the best place to be during the pandemic due to its fast and expansive vaccine rollout stemming what was once the world’s worst outbreak. Meanwhile, parts of the Asia-Pacific region that performed well in the ranking until now -- like Singapore, Hong Kong and Australia -- dropped as strict border curbs remain in place. [Bloomberg]

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