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Bulls need to break 7111 | Consolidation day rise tomorrow | 7070 7047 support | 7102 7124 7142 resistance

#1 · 15th July 2021, 11:08 am

Quote from Nick on 15th July 2021, 11:08 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 15th July 2021
Yesterday the FTSE100 closed down 33.5 points at 7,091.2 as investors digested inflation data that showed consumer prices jumped 2.5pc in June compared to the same month last year.
In response, the pound rose 0.3pc against the dollar to $1.3856 in late trading, putting pressure on export-heavy consumer stocks such as Unilvever and Diageo.
The FTSE 100 bulls hung in there yesterday and we may well see the same sort of pattern today ready for a push up tomorrow ahead of the weekend. Whilst we are below the 7100 level the bulls will be keen to recapture that and consolidate further around here. The 2 hour chart is bearish though and we dropped off the Hull Moving average at 7111 yesterday, and that is the level that they need to push above today.
Initial resistance is at the daily pivot and 200ema on the 30m at 7100 and as such we may well see an initial rise from this 7080 level to there. I am thinking that we could see the bears try to gain the upper hand initially (for yet another dip and rise day) and drop it down towards the S1 level of 7062, and also the key fib at 7047. If the latter that corresponds with the 7050 level that has held on a few occasions.
If the bears break below 7047 then we have S2 next up at 7036 but a slide down towards the 7000 level looks likely as we have S3 here and also being the round number. I am more inclined to go with 7047 holding though, as the S&P still looks like a push towards 4400 may play out before the end of the week.
If the bulls can break above the 7105 level then we could rise towards the key fib at 7142, if R1 at 7124 gets broken. The bulls will be watching the 4060 level on the S&P closely as thats the key for them - a break of that and it may well get a lot more bearish. If it holds then all good!
Above 7150 and we have S2 at 7159 - again they are all quite close due to the small range we have had yesterday. 7186 is S3 then the round number of 7200 above that. 7172 is Tuesday high as well to throw into the mix for a weekly double top and then 7222 for the top of the 10 day Raff above that. That also ties in with last weeks high but could well be an area that we see tomorrow if the bulls can stay in charge. The dips on S&P continue to get bought up for the moment as well.
Good luck today.
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Asian Session
Asian stocks were mixed Thursday as traders digested data suggesting China’s growth rebound is steadying as well as Federal Reserve Chair Jerome Powell’s signal that it’s still too early in the U.S. recovery to pare stimulus.
Shares slipped in Japan and edged higher in China. Hong Kong rallied, aided by the technology sector on a report of possible cooperation between Alibaba Group Holding Ltd. and Tencent Holdings Ltd. U.S. contracts fluctuated after modest S&P 500 and Nasdaq 100 gains on Powell’s reassurance over accommodative policy and reiteration that high inflation will likely moderate. Treasury yields fell and the dollar trimmed a retreat.
In China, second-quarter economic growth slowed largely in line with forecasts, while a pick up in consumer spending indicated a more balanced recovery. The central bank rolled over a portion of medium-term policy loans coming due, a move that confirms its intention to keep monetary policy largely unchanged. Futures on 10-year Chinese sovereign bonds declined.
Oil tumbled below $73 a barrel on building U.S. fuel inventories and a potential OPEC+ agreement to increase supply. Gold was around a four-week high, aided by inflation concerns and Powell’s comments on stimulus.
Just when the Fed might start tapering $120 billion in monthly bond purchases, and the spread of the delta Covid-19 variant, are among key variables for investors with global stocks near all-time highs. The possibility of peaks in economic rebounds as well as corporate earnings growth are concerns too. [Bloomberg]
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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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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

FTSE 100 live outlook prediction analysis for 15th July 2021

Yesterday the FTSE100 closed down 33.5 points at 7,091.2 as investors digested inflation data that showed consumer prices jumped 2.5pc in June compared to the same month last year.

In response, the pound rose 0.3pc against the dollar to $1.3856 in late trading, putting pressure on export-heavy consumer stocks such as Unilvever and Diageo.

The FTSE 100 bulls hung in there yesterday and we may well see the same sort of pattern today ready for a push up tomorrow ahead of the weekend. Whilst we are below the 7100 level the bulls will be keen to recapture that and consolidate further around here. The 2 hour chart is bearish though and we dropped off the Hull Moving average at 7111 yesterday, and that is the level that they need to push above today.

Initial resistance is at the daily pivot and 200ema on the 30m at 7100 and as such we may well see an initial rise from this 7080 level to there. I am thinking that we could see the bears try to gain the upper hand initially (for yet another dip and rise day) and drop it down towards the S1 level of 7062, and also the key fib at 7047. If the latter that corresponds with the 7050 level that has held on a few occasions.

If the bears break below 7047 then we have S2 next up at 7036 but a slide down towards the 7000 level looks likely as we have S3 here and also being the round number. I am more inclined to go with 7047 holding though, as the S&P still looks like a push towards 4400 may play out before the end of the week.

If the bulls can break above the 7105 level then we could rise towards the key fib at 7142, if R1 at 7124 gets broken. The bulls will be watching the 4060 level on the S&P closely as thats the key for them - a break of that and it may well get a lot more bearish. If it holds then all good!

Above 7150 and we have S2 at 7159 - again they are all quite close due to the small range we have had yesterday. 7186 is S3 then the round number of 7200 above that. 7172 is Tuesday high as well to throw into the mix for a weekly double top and then 7222 for the top of the 10 day Raff above that. That also ties in with last weeks high but could well be an area that we see tomorrow if the bulls can stay in charge. The dips on S&P continue to get bought up for the moment as well.

Good luck today.

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Asian Session

Asian stocks were mixed Thursday as traders digested data suggesting China’s growth rebound is steadying as well as Federal Reserve Chair Jerome Powell’s signal that it’s still too early in the U.S. recovery to pare stimulus.

Shares slipped in Japan and edged higher in China. Hong Kong rallied, aided by the technology sector on a report of possible cooperation between Alibaba Group Holding Ltd. and Tencent Holdings Ltd. U.S. contracts fluctuated after modest S&P 500 and Nasdaq 100 gains on Powell’s reassurance over accommodative policy and reiteration that high inflation will likely moderate. Treasury yields fell and the dollar trimmed a retreat.

In China, second-quarter economic growth slowed largely in line with forecasts, while a pick up in consumer spending indicated a more balanced recovery. The central bank rolled over a portion of medium-term policy loans coming due, a move that confirms its intention to keep monetary policy largely unchanged. Futures on 10-year Chinese sovereign bonds declined.

Oil tumbled below $73 a barrel on building U.S. fuel inventories and a potential OPEC+ agreement to increase supply. Gold was around a four-week high, aided by inflation concerns and Powell’s comments on stimulus.

Just when the Fed might start tapering $120 billion in monthly bond purchases, and the spread of the delta Covid-19 variant, are among key variables for investors with global stocks near all-time highs. The possibility of peaks in economic rebounds as well as corporate earnings growth are concerns too. [Bloomberg]

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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