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Bulls need to break 6850 with conviction | 6925 resistance above that | 6775 6636 support

#1 · 5th March 2020, 9:41 am

Quote from Nick on 5th March 2020, 9:41 am
FTSE 100 live outlook prediction analysis for 5th March 2020
European markets grabbed steady gains on Wednesday, as traders’ nerves calmed after Tuesday’s shock intervention by the Federal Reserve. The FTSE 100 has closed up 1.45pc, broadly in line with the rest of Europe’s major bourses.
A gauge of US services activity in February came in sharply above expectations. The ISM non-manufacturing gauge had a reading of 57.3 (where a score of 50 or above indicates growth), versus expectations of 54.8. Once again, it is likely those numbers will take a hit once the impact of coronavirus is more keenly felt.
In the US, Michael Bloomberg has pulled out of the race for the Democratic domination. The billionaire has backed Joe Biden.
Good News At Last?
New cases of the coronavirus are drastically slowing in China, while infections in the rest of the world are accelerating. Still, doubt remains over the Chinese government’s statistics. On Tuesday, China reported 119 new confirmed cases of the coronavirus, the lowest number in almost six weeks and the fewest since the national government started releasing data on Jan. 21. Of those, 115 cases were in Hubei province, where the virus first emerged in December and which still accounts for the majority of infections and deaths worldwide. Over the past three weeks, China’s number of recovered patients has surged both in Hubei and the rest of the country. But that may not show the full picture. One area of confusion has been over how to account for people who don’t have symptoms but test positive for the disease in a phenomenon known as asymptomatic infection. This means that provinces not counting asymptomatic cases in their official tally are likely under-reporting their numbers. Elsewhere, five more people were infected with the coronavirus in New York state, and total coronavirus cases globally topped 93,000, with cases surging in Iran, Malaysia, India and South Korea, where hundreds of thousandsare now being tested. The international spread of the virus has even prompted the delay of the next James Bond movie.
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The day after the cut and we saw a decent rise across the board as the S&P tested the 3130 level again before dropping back. Resistance on that has moved up to 3142 for today where we have the top of the 10 day Raff channel so should we get a rise to here it looks to be worth shorting. On the FTSE the bulls managed to retest the 6850 level yesterday and we have had a small pull back from there so far overnight, with the 6925 next up as key resistance.
If the bulls were to break above the 6925 level then 6965 is next up and R2 at 7021 - plus the psychological boost of breaking back above 7000. Would generate some positive headlines but seems a big ask at the moment. Apparently new cases of the Coronavirus in China have slowed for now, and people are certainly more aware of the measures they can take to help themselves avoid contracting it. So while cases outside China are still rising, we may well see a subsequent slowing soon.
For the bears, they will be keen to build on the drop from 6875 now and a drop down to the pivot at 6775 looks likely to start with. We also have the 200ema on the 30min chart here. Should we break below the pivot level then the fib at 6734 is next up for support, with S1 below that at 6676.
The ASX200 had a dip and rise play out today and I am thinking that we may well do something similar. It still looks bearish though so If we do get a climb back up then I am still looking at shorting the rallies and 6925 does look tempting should it get there at all anytime soon. As I write this we are sat on the top of the 10 day Raff channel at 6840 which is why I am thinking an initial dip may well play out.
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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 5th March 2020

European markets grabbed steady gains on Wednesday, as traders’ nerves calmed after Tuesday’s shock intervention by the Federal Reserve. The FTSE 100 has closed up 1.45pc, broadly in line with the rest of Europe’s major bourses.

A gauge of US services activity in February came in sharply above expectations. The ISM non-manufacturing gauge had a reading of 57.3 (where a score of 50 or above indicates growth), versus expectations of 54.8. Once again, it is likely those numbers will take a hit once the impact of coronavirus is more keenly felt.

In the US, Michael Bloomberg has pulled out of the race for the Democratic domination. The billionaire has backed Joe Biden.

Good News At Last?
New cases of the coronavirus are drastically slowing in China, while infections in the rest of the world are accelerating. Still, doubt remains over the Chinese government’s statistics. On Tuesday, China reported 119 new confirmed cases of the coronavirus, the lowest number in almost six weeks and the fewest since the national government started releasing data on Jan. 21. Of those, 115 cases were in Hubei province, where the virus first emerged in December and which still accounts for the majority of infections and deaths worldwide. Over the past three weeks, China’s number of recovered patients has surged both in Hubei and the rest of the country. But that may not show the full picture. One area of confusion has been over how to account for people who don’t have symptoms but test positive for the disease in a phenomenon known as asymptomatic infection. This means that provinces not counting asymptomatic cases in their official tally are likely under-reporting their numbers. Elsewhere, five more people were infected with the coronavirus in New York state, and total coronavirus cases globally topped 93,000, with cases surging in Iran, Malaysia, India and South Korea, where hundreds of thousandsare now being tested. The international spread of the virus has even prompted the delay of the next James Bond movie.

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

The day after the cut and we saw a decent rise across the board as the S&P tested the 3130 level again before dropping back. Resistance on that has moved up to 3142 for today where we have the top of the 10 day Raff channel so should we get a rise to here it looks to be worth shorting. On the FTSE the bulls managed to retest the 6850 level yesterday and we have had a small pull back from there so far overnight, with the 6925 next up as key resistance.

If the bulls were to break above the 6925 level then 6965 is next up and R2 at 7021 - plus the psychological boost of breaking back above 7000. Would generate some positive headlines but seems a big ask at the moment. Apparently new cases of the Coronavirus in China have slowed for now, and people are certainly more aware of the measures they can take to help themselves avoid contracting it. So while cases outside China are still rising, we may well see a subsequent slowing soon.

For the bears, they will be keen to build on the drop from 6875 now and a drop down to the pivot at 6775 looks likely to start with. We also have the 200ema on the 30min chart here. Should we break below the pivot level then the fib at 6734 is next up for support, with S1 below that at 6676.

The ASX200 had a dip and rise play out today and I am thinking that we may well do something similar. It still looks bearish though so If we do get a climb back up then I am still looking at shorting the rallies and 6925 does look tempting should it get there at all anytime soon. As I write this we are sat on the top of the 10 day Raff channel at 6840 which is why I am thinking an initial dip may well play out.

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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