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Bulls struggling to hold 7900 | 7890 7860 7800 support | 7910 7969 resistance

#1 · 2nd March 2023, 10:22 am

Quote from Nick on 2nd March 2023, 10:22 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 2nd March 2023
Check out IG for trading https://refer.ig.com/iA6I8q
The FTSE 100 closed 0.49pc higher at 7,914.93. Energy and mining stocks lifted the blue-chip index after reports that manufacturing activity in China has expanded at the fastest pace in over a decade, boosting the prices of copper and other metals. However, the domestically focused FTSE 250 slipped 0.16pc to 19,870.60.
A gauge of Asian stocks dipped, led by declines in Hong Kong-listed technology shares, and US equity futures extended their declines as traders continued to digest more hawkish comments by Federal Reserve officials. The drop in Asian stocks clawed back some of the sharp moves higher in Chinese equities earlier this week and came after the S&P 500 closed near the lowest in six weeks and as the 10-year Treasury yield pierced the closely-watched 4% level.
Still hovering around the 7900 level on the FTSE100 at the moment, and looks like once again we may see a dip and rise. The bears will still want to test the 7850 support level ideally, and the bulls will want to defend it! The 2h chart is currently weakly bullish with the 7900 as support to start with, so it could well be an interesting open, with a proper battleground here.
The daily chart also remains bullish with 25ema support at the 7890 level, lending weight to this area as support.
Initially today I am thinking that we do get a dip down to the 7850 level though we have key fib support at 7859, and S1 at 7865, so it will need an overshoot of these two to test that daily support. That would also tie in with a dip and rise playing out on the Dax40 and S&P500, which have 15233 and 3920 as support to start with respectively.
Below 7850 though and then 7800 will probably be seen in fairly short order, and also tee up a possible bounce here. It's worth mentioning that 7840 is the bottom of the rising 20d Raff channel though so do keep an eye on this.
Above the 7900 initial resistance - and we have a red 30m coral just trying to lock in as I write this here - then the bulls would be looking to 7950 for a double top with yesterday's high, and also a possible test of the 7969 key fib level.
8005 is R2 today though I don't expect us to get that high and the bears would probably have another go off this level if it were to be seen, I can't see it holding above 8000 today should it get there.
The Raff channels across the board have weakened a bit now as the slide from the recent highs on all three markets we watch continues. Inflation is still pretty rampant so interest rates probably aren't coming down anytime soon and in fact will probably increase a bit more first!
Not too much more to see, looking for a dip rise dip to play out today.
Good luck!
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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.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 2nd March 2023

Check out IG for trading https://refer.ig.com/iA6I8q

The FTSE 100 closed 0.49pc higher at 7,914.93. Energy and mining stocks lifted the blue-chip index after reports that manufacturing activity in China has expanded at the fastest pace in over a decade, boosting the prices of copper and other metals. However, the domestically focused FTSE 250 slipped 0.16pc to 19,870.60.

A gauge of Asian stocks dipped, led by declines in Hong Kong-listed technology shares, and US equity futures extended their declines as traders continued to digest more hawkish comments by Federal Reserve officials. The drop in Asian stocks clawed back some of the sharp moves higher in Chinese equities earlier this week and came after the S&P 500 closed near the lowest in six weeks and as the 10-year Treasury yield pierced the closely-watched 4% level.

Still hovering around the 7900 level on the FTSE100 at the moment, and looks like once again we may see a dip and rise. The bears will still want to test the 7850 support level ideally, and the bulls will want to defend it! The 2h chart is currently weakly bullish with the 7900 as support to start with, so it could well be an interesting open, with a proper battleground here.

The daily chart also remains bullish with 25ema support at the 7890 level, lending weight to this area as support.

Initially today I am thinking that we do get a dip down to the 7850 level though we have key fib support at 7859, and S1 at 7865, so it will need an overshoot of these two to test that daily support. That would also tie in with a dip and rise playing out on the Dax40 and S&P500, which have 15233 and 3920 as support to start with respectively.

Below 7850 though and then 7800 will probably be seen in fairly short order, and also tee up a possible bounce here. It's worth mentioning that 7840 is the bottom of the rising 20d Raff channel though so do keep an eye on this.

Above the 7900 initial resistance - and we have a red 30m coral just trying to lock in as I write this here - then the bulls would be looking to 7950 for a double top with yesterday's high, and also a possible test of the 7969 key fib level.

8005 is R2 today though I don't expect us to get that high and the bears would probably have another go off this level if it were to be seen, I can't see it holding above 8000 today should it get there.

The Raff channels across the board have weakened a bit now as the slide from the recent highs on all three markets we watch continues. Inflation is still pretty rampant so interest rates probably aren't coming down anytime soon and in fact will probably increase a bit more first!

Not too much more to see, looking for a dip rise dip to play out today.

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