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Bulls remain in charge with 6860 6896 6917 resistance | 6810 6776 support

#1 · 7th April 2021, 9:11 am

Quote from Nick on 7th April 2021, 9:11 am
FTSE 100 live outlook prediction analysis for 7th April 2021
BP shot up the London stock market risers’ board on Tuesday with the oil giant poised to restart share buybacks about a year earlier than expected. The FTSE 100 firm said it should reach its target to pay down net debt to less than $35bn (£25bn) in the first quarter of 2021, far earlier than the previous guidance of the final quarter of this year or the first quarter of 2022. Its $35bn debt-reduction goal was the threshold at which BP has said it can restart share buybacks.

It comes after BP said it gained $4.7bn from disposals in the first quarter, including from the sale of a stake in an Oman oilfield and its petrochemicals business to Ineos. The positive trading news marks a potential turning point after a volatile year for the industry. As the third biggest gainer on the benchmark, BP added 10.1p to 299.9p.
The oil major added to a stellar day for London markets as blue-chips rose to their highest level in almost three months amid a weakness in the value of the pound. The FTSE 100 gained 86.25 points to 6,823.55. It joined a rally in global stocks after strong economic data from China and the US boosted Asian markets overnight, and as European traders bet on a speedy global economic recovery due to stimulus spending and vaccination programmes.
In the UK, sterling took a tumble after Sage experts claimed the UK’s vaccine rollout could dramatically slow down, thus weighing on the country’s economic recovery. The pound fell by 0.41pc against the US dollar to $1.384 and by 0.75pc against the euro at €1.167. The midcap FTSE 250, meanwhile, closed up 1.2pc and has now erased all its losses from the Covid pandemic.
Driver's Seat
China will drive global economic growth in the coming years as the world recovers from the pandemic that’s killed 2.9 million people, the International Monetary Fund predicts. China will contribute more than one-fifth of the total increase in the world’s gross domestic product in the five years through 2026, according to Bloomberg calculations based on IMF forecasts. Global GDP is expected to rise by more than $28 trillion to $122 trillion over that period, after falling $2.8 trillion last year in the biggest peacetime shock to output since the Great Depression. China’s resilience to the coronavirus and its higher-yielding assets have attracted investors from around the world — but its epic battle with capital flows is getting more intense than ever.
Calm Open
Asia stocks are headed for a calm open as a global rally that drove stocks to all-time highs paused. Futures were little changed in Australia and edged lower in Japan. Volume on U.S. exchanges slipped below 10 billion shares for the first time this year. Treasuries climbed and oil rose as the International Monetary Fund upgraded its global growth forecast for the second time in three months, countering concerns about flare-ups in Covid-19 infections in parts of the world. Meanwhile, investors are bracing for Asia's worst stock market to fall even further.[Bloomberg]
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US & Asia Overnight from Bloomberg
Global stocks traded around all-time highs Wednesday as investors weighed the economic rebound from the pandemic and stimulus support. The dollar halted a four-day loss.
A gauge of Asia-Pacific equities fluctuated, as did U.S. and European futures. Chinese stocks underperformed while Japan advanced. Toshiba Corp. shares are poised to surge after the company received an initial buyout offer from CVC Capital Partners. The S&P 500 and Nasdaq 100 retreated overnight as volume on U.S. exchanges slipped below 10 billion shares for the first time this year.
Oil held above $59 a barrel amid optimism that economic expansion will pick up. The International Monetary Fund upgraded its global growth forecast while warning about a divergence between advanced and less-developed economies.
A global stock gauge is around unprecedented levels on expectations for continued central bank support and the strongest global expansion in at least four decades. Concerns about higher borrowing costs destabilizing the market have eased, with bond yields subsiding as traders pull their more-aggressive positioning for Federal Reserve policy tightening. Investors are awaiting the latest Fed minutes for clues about the outlook.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bulls broke through the 6800 resistance level yesterday and the S&P continued to march higher, though in a more muted fashion compared to Monday. As such the S&P 2h chart has gone bearish with resistance at the 4090 area and just above the red coral at 4080. As such we may well see a bit of profit taking kick in here today. That would tie in with an initial rise on the FTSE to the resistance level from the R1 level and also the key fib at 6862. The daily RSI(10) on the S&P is at 70 as well so a little bit of cooling off from the recent rises would help drop that down too.
If we do see the bears appear here then we may well get a slide down to test the 200ema again (30m) at 6793 - the supporting moving average line that we climbed from yesterday. We also have the daily pivot at 6810 just above that for initial support, and then S1 just below that at 6776. Can we get a full R1 to S1 crossing today?
Above the 6860 level then 6896 is R2, though with the R1 daily, monthly, and R2 weekly all around the 6860 area then I think we may well see this level hold.
For the bears, they will be looking to break below the 6800 level really, with S1 as mentioned at 6776. Below that we have the key fib at 6767 and then the S2 level at 6724, though I dont expect us to get that low today, particularly as the 2h chart remains bullish, and the coral is green still with 6795 support from that.
The Dax 2h chart has also gone bearish with 15345 resistance on that so a rise to that area and then a drop down would fit pretty well and tie in with the others.
So, watching 6860 initially, possibly 6896 above that, for resistance. 6810 and then 6776 for support. Good luck today.
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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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Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
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FTSE 100 live outlook prediction analysis for 7th April 2021

BP shot up the London stock market risers’ board on Tuesday with the oil giant poised to restart share buybacks about a year earlier than expected. The FTSE 100 firm said it should reach its target to pay down net debt to less than $35bn (£25bn) in the first quarter of 2021, far earlier than the previous guidance of the final quarter of this year or the first quarter of 2022. Its $35bn debt-reduction goal was the threshold at which BP has said it can restart share buybacks.

It comes after BP said it gained $4.7bn from disposals in the first quarter, including from the sale of a stake in an Oman oilfield and its petrochemicals business to Ineos. The positive trading news marks a potential turning point after a volatile year for the industry. As the third biggest gainer on the benchmark, BP added 10.1p to 299.9p.

The oil major added to a stellar day for London markets as blue-chips rose to their highest level in almost three months amid a weakness in the value of the pound. The FTSE 100 gained 86.25 points to 6,823.55. It joined a rally in global stocks after strong economic data from China and the US boosted Asian markets overnight, and as European traders bet on a speedy global economic recovery due to stimulus spending and vaccination programmes.

In the UK, sterling took a tumble after Sage experts claimed the UK’s vaccine rollout could dramatically slow down, thus weighing on the country’s economic recovery. The pound fell by 0.41pc against the US dollar to $1.384 and by 0.75pc against the euro at €1.167. The midcap FTSE 250, meanwhile, closed up 1.2pc and has now erased all its losses from the Covid pandemic.

Driver's Seat

China will drive global economic growth in the coming years as the world recovers from the pandemic that’s killed 2.9 million people, the International Monetary Fund predicts. China will contribute more than one-fifth of the total increase in the world’s gross domestic product in the five years through 2026, according to Bloomberg calculations based on IMF forecasts. Global GDP is expected to rise by more than $28 trillion to $122 trillion over that period, after falling $2.8 trillion last year in the biggest peacetime shock to output since the Great Depression. China’s resilience to the coronavirus and its higher-yielding assets have attracted investors from around the world — but its epic battle with capital flows is getting more intense than ever.

Calm Open

Asia stocks are headed for a calm open as a global rally that drove stocks to all-time highs paused. Futures were little changed in Australia and edged lower in Japan. Volume on U.S. exchanges slipped below 10 billion shares for the first time this year. Treasuries climbed and oil rose as the International Monetary Fund upgraded its global growth forecast for the second time in three months, countering concerns about flare-ups in Covid-19 infections in parts of the world. Meanwhile, investors are bracing for Asia's worst stock market to fall even further.[Bloomberg]

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US & Asia Overnight from Bloomberg

Global stocks traded around all-time highs Wednesday as investors weighed the economic rebound from the pandemic and stimulus support. The dollar halted a four-day loss.

A gauge of Asia-Pacific equities fluctuated, as did U.S. and European futures. Chinese stocks underperformed while Japan advanced. Toshiba Corp. shares are poised to surge after the company received an initial buyout offer from CVC Capital Partners. The S&P 500 and Nasdaq 100 retreated overnight as volume on U.S. exchanges slipped below 10 billion shares for the first time this year.

Oil held above $59 a barrel amid optimism that economic expansion will pick up. The International Monetary Fund upgraded its global growth forecast while warning about a divergence between advanced and less-developed economies.

A global stock gauge is around unprecedented levels on expectations for continued central bank support and the strongest global expansion in at least four decades. Concerns about higher borrowing costs destabilizing the market have eased, with bond yields subsiding as traders pull their more-aggressive positioning for Federal Reserve policy tightening. Investors are awaiting the latest Fed minutes for clues about the outlook.

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

The bulls broke through the 6800 resistance level yesterday and the S&P continued to march higher, though in a more muted fashion compared to Monday. As such the S&P 2h chart has gone bearish with resistance at the 4090 area and just above the red coral at 4080. As such we may well see a bit of profit taking kick in here today. That would tie in with an initial rise on the FTSE to the resistance level from the R1 level and also the key fib at 6862. The daily RSI(10) on the S&P is at 70 as well so a little bit of cooling off from the recent rises would help drop that down too.

If we do see the bears appear here then we may well get a slide down to test the 200ema again (30m) at 6793 - the supporting moving average line that we climbed from yesterday. We also have the daily pivot at 6810 just above that for initial support, and then S1 just below that at 6776. Can we get a full R1 to S1 crossing today?

Above the 6860 level then 6896 is R2, though with the R1 daily, monthly, and R2 weekly all around the 6860 area then I think we may well see this level hold.

For the bears, they will be looking to break below the 6800 level really, with S1 as mentioned at 6776. Below that we have the key fib at 6767 and then the S2 level at 6724, though I dont expect us to get that low today, particularly as the 2h chart remains bullish, and the coral is green still with 6795 support from that.

The Dax 2h chart has also gone bearish with 15345 resistance on that so a rise to that area and then a drop down would fit pretty well and tie in with the others.

So, watching 6860 initially, possibly 6896 above that, for resistance. 6810 and then 6776 for support. 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 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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