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Bulls need to fight back across the board | Tech earnings ok | 7843 7865 7892 resistance | 7790 support

#1 · 27th April 2023, 8:45 am

Quote from Nick on 27th April 2023, 8:45 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 27th April 2023
Asian shares extended losses on Thursday as troubles at U.S. lender First Republic Bank continued to unnerve investors amid concerns that growth in the world’s biggest economy could very well surprise to the downside.
MSCI’s broadest index of Asia-Pacific shares outside Japan were 0.3% lower on Thursday, while Japan’s Nikkei lost 0.4%. China’s blue chips were flat, but Hong Kong’s Hang Seng Index slid 0.3%.
The bulls are certainly on the back foot currently with a possible drop down as far as the 25ema on the daily playing out, with support from that at 7797. That is also just above S1 for today so should we see that slide to there then I would like to see this hold, at least initially for a bounce back toward the 7850 or higher level.
It could well coincide with the 4050 S&P level being retested (yesterdays low) and then a nice double bottom bounce from there. The S&P bulls are also struggling as the 2h chart has now gone bearish again, with the 4083 level as the Hull MA at the moment. Ergo that level is the key one that the bulls will need to push past today.
On the FTSE100 we have initial resistance also from the daily pivot at the 7843 level so this could well be what pushes the FTSE down towards the 7800 area. Above this then the bulls will be looking to 7870 where w have the 30m 200ema and 7892 for the key fib.
On the bull side we do also have the bottom of the 20d Raff channel at the 7810 level and then the 10d Raff channel at 7775. This latter channel will help support any possible drop down towards that 25ema and a possible overshoot.
It feels like the worm might be turning a bit for the US tech companies as well, with decent earnings data out from Microsoft and Meta. If so they may well help stabilise the S&P500's recent declines being such major components of that, which in turn would help to push the other markets back up as well. Are we just having a dip back in the overall uptrend and buy the dip is still the right move? Seasonality suggests so, and the 20 day Raff channels are still heading up across the board.
We have US GDP data out at 13:30, forecasted to have dropped 2% from 2.6% previously. Other data out then includes Initial Jobless Claims so expect a bit of movement on indices then.
Not too much more to say really, looks like a bit of a rise dip rise sort of pattern may well play out today, and a decent test and hold of the 7800 area with the 25ema here would fit well.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 27th April 2023

Asian shares extended losses on Thursday as troubles at U.S. lender First Republic Bank continued to unnerve investors amid concerns that growth in the world’s biggest economy could very well surprise to the downside.

MSCI’s broadest index of Asia-Pacific shares outside Japan were 0.3% lower on Thursday, while Japan’s Nikkei lost 0.4%. China’s blue chips were flat, but Hong Kong’s Hang Seng Index slid 0.3%.

The bulls are certainly on the back foot currently with a possible drop down as far as the 25ema on the daily playing out, with support from that at 7797. That is also just above S1 for today so should we see that slide to there then I would like to see this hold, at least initially for a bounce back toward the 7850 or higher level.

It could well coincide with the 4050 S&P level being retested (yesterdays low) and then a nice double bottom bounce from there. The S&P bulls are also struggling as the 2h chart has now gone bearish again, with the 4083 level as the Hull MA at the moment. Ergo that level is the key one that the bulls will need to push past today.

On the FTSE100 we have initial resistance also from the daily pivot at the 7843 level so this could well be what pushes the FTSE down towards the 7800 area. Above this then the bulls will be looking to 7870 where w have the 30m 200ema and 7892 for the key fib.

On the bull side we do also have the bottom of the 20d Raff channel at the 7810 level and then the 10d Raff channel at 7775. This latter channel will help support any possible drop down towards that 25ema and a possible overshoot.

It feels like the worm might be turning a bit for the US tech companies as well, with decent earnings data out from Microsoft and Meta. If so they may well help stabilise the S&P500's recent declines being such major components of that, which in turn would help to push the other markets back up as well. Are we just having a dip back in the overall uptrend and buy the dip is still the right move? Seasonality suggests so, and the 20 day Raff channels are still heading up across the board.

We have US GDP data out at 13:30, forecasted to have dropped 2% from 2.6% previously. Other data out then includes Initial Jobless Claims so expect a bit of movement on indices then.

Not too much more to say really, looks like a bit of a rise dip rise sort of pattern may well play out today, and a decent test and hold of the 7800 area with the 25ema here would fit well.

Good luck today.

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 FTSE100, 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 FTSE100, DAX40, Gold and S&P500.
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