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Bulls need to break 7116 with 7175 above | 7065 7050 support | BoE interest rate decision

#1 · 24th June 2021, 9:27 am

Quote from Nick on 24th June 2021, 9:27 am
FTSE 100 live outlook prediction analysis for 24th June 2021
The FTSE100 and S&P 2 hour chats are bullish to start with today and there is certainly potential for the S&P to push higher as long as the Hull moving average holds at 4236 to start with. Below that we have the green 2h coral at 4221 which the bulls will have to defend if we see it, to keep their hopes of further upside alive!
For the FTSE100 we have the green coral at 7064 to start with, and then the Hull moving average at 7056 below that. We had 7125 as resistance yesterday and that held well for a decent reaction, though a rather slow one, and today the key fib is 7132 thus showing that level still being key. Just below that we have R1 at 7116 and should we see an initial kick up we may well falter here for a drop back down to the 2 hour supports.
Above 7132 and the bulls can resume that path towards the 7170 daily level, and possibly 7200 above that. Been a fairly tight range really this week on the FTSE100, so the R3 level has dropped below the daily level, being 7185. Few levels for the bulls to break to push higher today.
If the bears were to break below the 7038 key fib level then we will likely see a slide down to the 7000 level again, and possibly the bottom of the 20d Raff channel which currently sits at the 6958 level.
With the 2h charts looking positive for the FTSE100 and the S&P I am more inclined to go with a bullish stance for today. We do have the interest rate announcement later from the BoE, no change expected.
On the flip side the Dax 2h is bearish to start with and the bulls will need to break the 15531 level. As we also have the daily pivot here then. we could well see some bearish action here for a drop down to the key fib at 15425 and just above S1at 15411. The bulls will certainly be keen to push up towards the 15630 again though.
Good luck today.
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Asian Session
Asian stocks were steady Thursday after U.S. shares moved in narrow ranges as traders digested commentary from Federal Reserve officials on the outlook for stimulus. Treasuries retreated.
Stocks were little changed in Japan and edged lower in China, where the central bank boosted its short-term cash injection for the first time since March. U.S. futures advanced, following a modest drop in the S&P 500 despite gains among firms that benefit from economic reopening. A rally in Tesla Inc. helped the Nasdaq Composite eke out another record.
Dallas Fed President Robert Kaplan, who’s penciled in a rate hike next year, said the economy will likely meet the Fed’s threshold for tapering asset purchases sooner than people think. His Atlanta counterpart Raphael Bostic said the central bank could decide to slow such purchases in the next few months.
The yen held a slump in part as the rebound from the pandemic dents the allure of haven currencies. South Korea’s won rose after central bank Governor Lee Ju-yeol gave his clearest signal yet that interest-rate increases are in the pipeline. The nation’s stock index is at an all-time high.
Fed officials have sought to reassure markets that loose monetary policy remains in place to support the recovery, while also flagging a possible gradual withdrawal of emergency support in the months ahead. They’ve also stressed that any action will depend on inflation and employment goals being met. That’s stirred a debate on the outlook for markets, especially bets tied to accelerating growth, which have dominated investor thinking this year. [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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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 24th June 2021

The FTSE100 and S&P 2 hour chats are bullish to start with today and there is certainly potential for the S&P to push higher as long as the Hull moving average holds at 4236 to start with. Below that we have the green 2h coral at 4221 which the bulls will have to defend if we see it, to keep their hopes of further upside alive!

For the FTSE100 we have the green coral at 7064 to start with, and then the Hull moving average at 7056 below that. We had 7125 as resistance yesterday and that held well for a decent reaction, though a rather slow one, and today the key fib is 7132 thus showing that level still being key. Just below that we have R1 at 7116 and should we see an initial kick up we may well falter here for a drop back down to the 2 hour supports.

Above 7132 and the bulls can resume that path towards the 7170 daily level, and possibly 7200 above that. Been a fairly tight range really this week on the FTSE100, so the R3 level has dropped below the daily level, being 7185. Few levels for the bulls to break to push higher today.

If the bears were to break below the 7038 key fib level then we will likely see a slide down to the 7000 level again, and possibly the bottom of the 20d Raff channel which currently sits at the 6958 level.

With the 2h charts looking positive for the FTSE100 and the S&P I am more inclined to go with a bullish stance for today. We do have the interest rate announcement later from the BoE, no change expected.

On the flip side the Dax 2h is bearish to start with and the bulls will need to break the 15531 level. As we also have the daily pivot here then. we could well see some bearish action here for a drop down to the key fib at 15425 and just above S1at 15411. The bulls will certainly be keen to push up towards the 15630 again though.

Good luck today.

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

Asian Session

Asian stocks were steady Thursday after U.S. shares moved in narrow ranges as traders digested commentary from Federal Reserve officials on the outlook for stimulus. Treasuries retreated.

Stocks were little changed in Japan and edged lower in China, where the central bank boosted its short-term cash injection for the first time since March. U.S. futures advanced, following a modest drop in the S&P 500 despite gains among firms that benefit from economic reopening. A rally in Tesla Inc. helped the Nasdaq Composite eke out another record.

Dallas Fed President Robert Kaplan, who’s penciled in a rate hike next year, said the economy will likely meet the Fed’s threshold for tapering asset purchases sooner than people think. His Atlanta counterpart Raphael Bostic said the central bank could decide to slow such purchases in the next few months.

The yen held a slump in part as the rebound from the pandemic dents the allure of haven currencies. South Korea’s won rose after central bank Governor Lee Ju-yeol gave his clearest signal yet that interest-rate increases are in the pipeline. The nation’s stock index is at an all-time high.

Fed officials have sought to reassure markets that loose monetary policy remains in place to support the recovery, while also flagging a possible gradual withdrawal of emergency support in the months ahead. They’ve also stressed that any action will depend on inflation and employment goals being met. That’s stirred a debate on the outlook for markets, especially bets tied to accelerating growth, which have dominated investor thinking this year. [Bloomberg]

Recommended Broker

GoMarkets offer over 350 tradable CFD instruments including Forex, Shares, Indices and Commodities. Widely recognised as Australia’s first MT4 broker, they’ve since added MT5, mobile trading and a web-based version to the trading platform suite. CLICK HERE

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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