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Bulls pushing on still with 6405 and 6445 resistance | 6504 above | 6356 support | Bit of profit taking yesterday

#1 · 5th June 2020, 9:29 am

Quote from Nick on 5th June 2020, 9:29 am
FTSE 100 live outlook prediction analysis for 5th June 2020
The European stock rally hit the buffers yesterday, as a cocktail of profit-taking, economic news and global worries damped investor spirits.
The FTSE 100 dipped 0.6pc amid a general shift away from risk on global markets after three days of chunky gains. The FTSE 250 fell 0.4pc.
Three-quarters of London’s blue-chips lost ground on a shaky day, which saw the continent’s top indices repeatedly shed their losses before slipping again.
Nerves ahead of the European Central Bank’s monetary policy decision set the mood for the morning, but an initial rally following the ECB’s €600bn expansion of its key virus relief programme quickly lost steam.
Some worse-than-expected data of US unemployment claims sealed things, leaving Europe’s indices cooling off slightly, but still firmly up of the week.
A rally in global stock markets petered out yesterday but resolute action from the European Central Bank to fight the coronavirus fallout put a floor under losses from investors cashing in on recent gains. London's benchmark index fell 0.64pc to 6,341.44 while the FTSE 250 dipped 0.40pc to 17,825.96. Oil was back under pressure today amid "rising doubts" that OPEC and its allies will really manage to agree on a meaningful extension to a current crude output agreement.
"Very Good"
U.S. Trade Representative Robert Lighthizer said he feels “very good” about the progress of the phase-one trade agreement with China. “On the structural changes, China has done a pretty good job,” Lighthizer said Thursday during a virtual event held by the Economic Club of New York. “And we’ve seen significant purchases over the course of the last many weeks.” On Monday and Tuesday of this week, China bought $185 million worth of U.S. soybeans, he said, refuting a report that Beijing wasn’t living up to its commitments on the commodity purchases. His comments come as tensions between the U.S. and China have escalated in recent weeks, throwing into question the stability of the initial trade agreement. Lighthizer also said the pandemic shows why the U.S. should have an industrial policy to ensure that America can manufacture domestically the supplies it needs, including medical equipment and protective gear.
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Asian stocks climbed on Friday, poised to cap a second straight week of gains, as U.S. and European equity-index futures advanced. The dollar extended its slide for a third week and crude oil saw a modest gain. Shares in Japan and South Korea advanced, while indexes in Hong Kong and Australia were flat. Contracts on the S&P 500 rose the index snapped a four-day winning streak Thursday. Ten-year Treasury yields held near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program.
The bears attempted to break below the 6300 level yesterday but were rebuffed just above at 6314 and overnight we have seen a rise back to 6400, where we have resistance initially today. 6403 is the level to watch first thing. Should the bulls take it though that then the next key level is 6444, with R2 at 6459 above that. The S&P has continued to push on and moving above the 3115 opens up a test of the 3172 level where we have R3 for the moment.
The bears really needed to grab their opportunity yesterday, and the short from 6396 worked well, but the bulls have since fought back - a real battle going on around this area. Of course, the daily Raff channels have moved higher now, and the top of the 10 day is now sitting at 6537 - more upside to come maybe with a rise to back test the daily uptrend at the 6700 area, along with the 200ema on the daily at 6611. Lets hope that crucial back test doesn't coincide with a virus second wave. 11 countries have already back tracked on lockdown easing with localised lockdowns being put back in place. Bit of a dilemma for the government of course as we cannot stay suspended indefinitely and they need to get the economy moving. Maybe it's worth the collateral damage in their eyes....
Anyway, back to the levels and should the bulls get it above the 6460 level then a test of R3 at 6500 is on the cards - can it be that bullish on a Friday?
If the bears try again today then a drop down to 6315 is likely, which was yesterday's low, and if they break that then a test of the 200ema on the 30min at 6289. That said, there is decent looking support to start with from the daily pivot and the 25ema on 30min at 6356, hence the initial long in the trade plan. If they do take it lower then the 6300 area looks good for another bounce, with the fib level, S1 and 200ema all in this area. Plus the round number of course, and the S&P pushing on as well.
The bulls are certainly not giving up easily and will want to break the 6403 level today. I was shorting the rally yesterday which worked well but in light of this fight back, there may well be more upside looming now. 6360, 6314, 6299 are the key supports to watch today. 6403, 6444, 6504 are the main resistance levels. Have a good day today, and have a great weekend.
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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 live outlook prediction analysis for 5th June 2020

The European stock rally hit the buffers yesterday, as a cocktail of profit-taking, economic news and global worries damped investor spirits.
The FTSE 100 dipped 0.6pc amid a general shift away from risk on global markets after three days of chunky gains. The FTSE 250 fell 0.4pc.
Three-quarters of London’s blue-chips lost ground on a shaky day, which saw the continent’s top indices repeatedly shed their losses before slipping again.
Nerves ahead of the European Central Bank’s monetary policy decision set the mood for the morning, but an initial rally following the ECB’s €600bn expansion of its key virus relief programme quickly lost steam.
Some worse-than-expected data of US unemployment claims sealed things, leaving Europe’s indices cooling off slightly, but still firmly up of the week.

A rally in global stock markets petered out yesterday but resolute action from the European Central Bank to fight the coronavirus fallout put a floor under losses from investors cashing in on recent gains. London's benchmark index fell 0.64pc to 6,341.44 while the FTSE 250 dipped 0.40pc to 17,825.96. Oil was back under pressure today amid "rising doubts" that OPEC and its allies will really manage to agree on a meaningful extension to a current crude output agreement.

"Very Good"

U.S. Trade Representative Robert Lighthizer said he feels “very good” about the progress of the phase-one trade agreement with China. “On the structural changes, China has done a pretty good job,” Lighthizer said Thursday during a virtual event held by the Economic Club of New York. “And we’ve seen significant purchases over the course of the last many weeks.” On Monday and Tuesday of this week, China bought $185 million worth of U.S. soybeans, he said, refuting a report that Beijing wasn’t living up to its commitments on the commodity purchases. His comments come as tensions between the U.S. and China have escalated in recent weeks, throwing into question the stability of the initial trade agreement. Lighthizer also said the pandemic shows why the U.S. should have an industrial policy to ensure that America can manufacture domestically the supplies it needs, including medical equipment and protective gear.

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

Asian stocks climbed on Friday, poised to cap a second straight week of gains, as U.S. and European equity-index futures advanced. The dollar extended its slide for a third week and crude oil saw a modest gain. Shares in Japan and South Korea advanced, while indexes in Hong Kong and Australia were flat. Contracts on the S&P 500 rose the index snapped a four-day winning streak Thursday. Ten-year Treasury yields held near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program.

The bears attempted to break below the 6300 level yesterday but were rebuffed just above at 6314 and overnight we have seen a rise back to 6400, where we have resistance initially today. 6403 is the level to watch first thing. Should the bulls take it though that then the next key level is 6444, with R2 at 6459 above that. The S&P has continued to push on and moving above the 3115 opens up a test of the 3172 level where we have R3 for the moment.

The bears really needed to grab their opportunity yesterday, and the short from 6396 worked well, but the bulls have since fought back - a real battle going on around this area. Of course, the daily Raff channels have moved higher now, and the top of the 10 day is now sitting at 6537 - more upside to come maybe with a rise to back test the daily uptrend at the 6700 area, along with the 200ema on the daily at 6611. Lets hope that crucial back test doesn't coincide with a virus second wave. 11 countries have already back tracked on lockdown easing with localised lockdowns being put back in place. Bit of a dilemma for the government of course as we cannot stay suspended indefinitely and they need to get the economy moving. Maybe it's worth the collateral damage in their eyes....

Anyway, back to the levels and should the bulls get it above the 6460 level then a test of R3 at 6500 is on the cards - can it be that bullish on a Friday?

If the bears try again today then a drop down to 6315 is likely, which was yesterday's low, and if they break that then a test of the 200ema on the 30min at 6289. That said, there is decent looking support to start with from the daily pivot and the 25ema on 30min at 6356, hence the initial long in the trade plan. If they do take it lower then the 6300 area looks good for another bounce, with the fib level, S1 and 200ema all in this area. Plus the round number of course, and the S&P pushing on as well.

The bulls are certainly not giving up easily and will want to break the 6403 level today. I was shorting the rally yesterday which worked well but in light of this fight back, there may well be more upside looming now. 6360, 6314, 6299 are the key supports to watch today. 6403, 6444, 6504 are the main resistance levels. Have a good day today, and have a great weekend.

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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