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Bulls need to break 7865 with 7900 7937 resistance | 7830 7807 7763 support

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 7th February 2023

Stocks in Asia advanced along with US and European equity futures as investors awaited commentary from Federal Reserve Chair Jerome Powell later Tuesday. A gauge of the region’s shares rose as much as 0.8%, trimming losses from the biggest two-day drop in four months, as investors weigh the chances of the Fed keeping a firm grip on monetary policy.

Once again the 7810 level was defended though the market continued its drop off the all time high yesterday. For today we may well just dip a bit lower towards the support at 7760 and then see a bounce, as we have a bit of a bearish Tuesday play out. I am expecting an initial kick up though to test the 2h resistance from the Hull MA at the 7864 level.

This is initial resistance to start with, but a break above that will likely see a retest of the 7915 area. Should we get a break above that though then 7937 is R2 for today, and just above the top of the 20d Raff channel and an area that I would expect another stutter.

Support wise to start with, 7827 is the 30m 20ema, though 7791 key fib is likely to restrict the bears if any selling gets underway to start with today. Below that then 7760 as mentioned as we have S2 and daily support here. This is a level that I would like to see hold today if it were to get that low.

Despite the bearish 2h chart kicking in, the daily chart still looks positive, so this drop off the 7915 area is more than likely some profit taking and a few tentative shorters. The daily Raff channels are now both heading up again, and the 7940 top of the 20d Raff is likely to get tested soon. The only slight issue is that on the fear/greed we are still in "extreme greed" and the RSI is a little bit toppy at 65. However, it can continue to rise while both of those two things remain as they are.....

Not much on the economic news front apart from the BP results just out, with record annual profits of £23bn as expected thanks to energy costs.  The company said that it would invest an additional $8bn (£6.6bn) each in the energy transition, and in oil and gas, as chief executive Bernard Looney promised to keep affordable energy flowing.

Not too much more to say really. Stay nimble, keep an eye on 7860 and 7760 as the range for the near term.

Good luck today.

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