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Bulls once again need to defend 7600 | 7570 support below | 7640 7690 resistance

#1 · 19th June 2023, 9:22 am

Quote from Nick on 19th June 2023, 9:22 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 analysis & prediction for 19th June 2023
Asian shares started cautiously on Monday after their best weekly run in five months, as investors looked ahead to China's rate decision and U.S. Federal Reserve Chair Jerome Powell's testimonies for clues on the path ahead. Both S&P 500 futures and Nasdaq futures were mostly flat after Wall Street's bullish run met resistance on Friday. Cash U.S. Treasuries were untraded due to the Juneteenth holiday, while futures were largely steady.
The Bank of England also meets on Thursday when it is set to raise interest rates by a quarter point to a 15-year high of 4.75%. Markets are betting on the British central bank's rates rising to nearly 6% this year.
We stalled just shy of the 7690 resistance on Friday and have steadily sold off back to the 7600 area. I wouldn't be surprised to see a rise and dip play out today, despite the spectre of another rate increase on Thursday. Wouldn't be surprised if we see a few more rate rises this year though to be honest to get it up the 5.5% area.
Initial resistance this morning is at the daily pivot and the red 30m coral at the 7640 level. As such, a hold of the 7600 area to start with a rise to this works well, before dropping off and then another push up towards the 7690 level once again and a double top with Friday.
With the drop off since Friday the 2h chart has gone bearish as you would expect and has 7630 as Hull MA resistance. As such, this lends weight to an initial reaction at this area this morning.
We may well follow in Australia's footsteps which has a fairly bullish session (bull Monday after all!) though with the USA mostly closed the moves might not be as large.
Above the 7690 level then 7700 is obviously next up being the round number, and then a test of the 7713 level where we have R2 and the first test of the red daily coral line. Should it get this high today then I can't see it getting too much above this.
Support wise, 7600 as mentioned, then 7590 for S1. However the 7575 level is better support as we have a key daily level here, and also just above the key fib at 7568. I would like to see any test off this level hold today. Lower down then the bottom of the 10d Raff is coming into view now, with 7515 support.
With the US closed today and no major news events we may well have a bit of a drifting day.
Good luck!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 analysis & prediction for 19th June 2023

Asian shares started cautiously on Monday after their best weekly run in five months, as investors looked ahead to China's rate decision and U.S. Federal Reserve Chair Jerome Powell's testimonies for clues on the path ahead. Both S&P 500 futures and Nasdaq futures were mostly flat after Wall Street's bullish run met resistance on Friday. Cash U.S. Treasuries were untraded due to the Juneteenth holiday, while futures were largely steady.

The Bank of England also meets on Thursday when it is set to raise interest rates by a quarter point to a 15-year high of 4.75%. Markets are betting on the British central bank's rates rising to nearly 6% this year.

We stalled just shy of the 7690 resistance on Friday and have steadily sold off back to the 7600 area. I wouldn't be surprised to see a rise and dip play out today, despite the spectre of another rate increase on Thursday. Wouldn't be surprised if we see a few more rate rises this year though to be honest to get it up the 5.5% area.

Initial resistance this morning is at the daily pivot and the red 30m coral at the 7640 level. As such, a hold of the 7600 area to start with a rise to this works well, before dropping off and then another push up towards the 7690 level once again and a double top with Friday.

With the drop off since Friday the 2h chart has gone bearish as you would expect and has 7630 as Hull MA resistance. As such, this lends weight to an initial reaction at this area this morning.

We may well follow in Australia's footsteps which has a fairly bullish session (bull Monday after all!) though with the USA mostly closed the moves might not be as large.

Above the 7690 level then 7700 is obviously next up being the round number, and then a test of the 7713 level where we have R2 and the first test of the red daily coral line. Should it get this high today then I can't see it getting too much above this.

Support wise, 7600 as mentioned, then 7590 for S1. However the 7575 level is better support as we have a key daily level here, and also just above the key fib at 7568. I would like to see any test off this level hold today. Lower down then the bottom of the 10d Raff is coming into view now, with 7515 support.

With the US closed today and no major news events we may well have a bit of a drifting day.

Good luck!

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