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Bulls regain the advantage and a break of 7910 looms | 7947 7988 resistance | 7882 7852 support

#1 · 8th February 2023, 9:54 am

Quote from Nick on 8th February 2023, 9:54 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 8th February 2023
Asian equities jumped, while the dollar was on the back foot on Wednesday after less hawkish than feared comments from Federal Reserve Chair Jerome Powell lifted sentiment and fuelled investor hopes the central bank may soon ease monetary policy.
In an eagerly awaited speech earlier on Tuesday, the Fed's Powell reiterated that disinflation has begun but warned Friday's eye-popping jobs report showed why the battle against inflation will "take quite a bit of time." Those jobs figures showed a surprising addition of 517,000 new jobs in January, stoking fears that the tight labour market may compel the Fed to remain hawkish.
Well the bulls burst back onto the scene overnight as the S&P pulled away from the 4100 level, and the FTSE100 is back challenging the 7910 level.
We may well see a push through that today to generate more positive headlines and a test if the 7950 level. With R2 at 7948 and the key fib at 7937 the bulls may struggle a bit here. It's also worth bearing in mind the seasonality chart once again for a possible path here which has a rise and dip for February. Certainly getting the rise at the moment!
Initially today we could see another small dip off the 7910 level down to the Hull MA support on the 2h chart at 7890, and also the 30m coral and daily pivot at 7882. As such, the bulls would probably like to defend this level to set that rise up, though a break of it will likely lead down to the 7850 level where we have the 200ema on the 30m chart. 7833 is also the key fib support so should we get to this area then I would like to see that hold.
On the upside, the top of the 20 day Raff channel is at the 7934 level as well, just to lend some more resistance weight to that area. Should the bulls break above this 7950 level then obviously the ultimate goal is 8000, though we have R3 7988 for today - tantalisingly close to the 8000 so it would be a shame if it stalled there. Can almost see the front pages of the papers with 8000 looming large.
Both the S&P500 and FTSE100 2h charts are bullish so it will be interesting to see if the supports on them hold today - 4150 and 7890 respectively.
Likewise on the Dax40 - a dip and rise would fit the chart pretty well with the daily pivot and 30m coral support at the 15375 level.
So, seems that buy the dip could be the order of the day today, and let's see if they can break the 7915 level!
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 8th February 2023

Asian equities jumped, while the dollar was on the back foot on Wednesday after less hawkish than feared comments from Federal Reserve Chair Jerome Powell lifted sentiment and fuelled investor hopes the central bank may soon ease monetary policy.

In an eagerly awaited speech earlier on Tuesday, the Fed's Powell reiterated that disinflation has begun but warned Friday's eye-popping jobs report showed why the battle against inflation will "take quite a bit of time." Those jobs figures showed a surprising addition of 517,000 new jobs in January, stoking fears that the tight labour market may compel the Fed to remain hawkish.

Well the bulls burst back onto the scene overnight as the S&P pulled away from the 4100 level, and the FTSE100 is back challenging the 7910 level.

We may well see a push through that today to generate more positive headlines and a test if the 7950 level. With R2 at 7948 and the key fib at 7937 the bulls may struggle a bit here. It's also worth bearing in mind the seasonality chart once again for a possible path here which has a rise and dip for February. Certainly getting the rise at the moment!

Initially today we could see another small dip off the 7910 level down to the Hull MA support on the 2h chart at 7890, and also the 30m coral and daily pivot at 7882. As such, the bulls would probably like to defend this level to set that rise up, though a break of it will likely lead down to the 7850 level where we have the 200ema on the 30m chart. 7833 is also the key fib support so should we get to this area then I would like to see that hold.

On the upside, the top of the 20 day Raff channel is at the 7934 level as well, just to lend some more resistance weight to that area. Should the bulls break above this 7950 level then obviously the ultimate goal is 8000, though we have R3 7988 for today - tantalisingly close to the 8000 so it would be a shame if it stalled there. Can almost see the front pages of the papers with 8000 looming large.

Both the S&P500 and FTSE100 2h charts are bullish so it will be interesting to see if the supports on them hold today - 4150 and 7890 respectively.

Likewise on the Dax40 - a dip and rise would fit the chart pretty well with the daily pivot and 30m coral support at the 15375 level.

So, seems that buy the dip could be the order of the day today, and let's see if they can break the 7915 level!

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