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Bulls to defend 6900 now | Rise towards 6950 6982 7000 | 6852 support below

#1 · 22nd April 2021, 9:32 am

Quote from Nick on 22nd April 2021, 9:32 am
FTSE 100 live outlook prediction analysis for 22nd April 2021
The wider market pared some of Tuesday’s declines yesterday, though the FTSE 100 failed to bounce back up above the 7,000 level as it rose 35.42 points to close at 6,895.29. The FTSE 250 shed 22.82 points 22,085.73.

Tobacco giants British American Tobacco and Imperial Brandsrebounded 44p to £27.36 and 32.5p to £14.98 respectively. It followed a slump on Tuesday for both stocks on the news that the Biden administration is considering tougher curbs on cigarettes.
Drug maker AstraZeneca advanced 126p to £76.20 after India’s Serum Institute said it would sell its vaccine to private hospitals at $8 (£5.70) per dose. Among others in the pharmaceuticals sector, Hikma Pharmaceuticals and GlaxoSmithKline were in the top 10 winners on the benchmark.
Confronting China
Momentum is growing in Congress for bipartisan legislation to confront China and bolster U.S. competitiveness in technology and critical manufacturing. The Senate Foreign Relations Committee, on a 21-1 vote Wednesday, approved a bill aimed at China on a number of fronts, including closer of scrutiny of foreign donations to U.S. colleges and universities. Meanwhile Australia has canceled agreements between China’s Belt and Road Initiative and the Victoria state government. Earlier this week, Chinese President Xi Jinping called for greater global economic integration while calling on the U.S. and its allies to avoid “bossing others around.”
Bouncing Back
Asia stocks are poised to bounce after U.S. equities snapped a two-day drop on a rally in companies that stand to benefit the most from an economic revival. The dollar fell, while Treasuries stabilized. Futures pointed higher in Japan, Australia and Hong Kong. Most major groups in the S&P 500 rose, with raw-material, energy and financial shares leading the charge. Blighted by rising cases from Japan to India, here's how Asian markets have underperformed their global peers since the start of March. [Bloomberg]
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US & Asia Overnight from Bloomberg
Most Asian stocks gained after U.S. equities rallied as investors focused on the outlook for earnings amid an economic revival. Treasuries advanced.
Japan outperformed, while Hong Kong and Australia had more modest gains. U.S. futures edged lower. Earlier, most major groups in the S&P 500 rose, with raw-material, energy and financial shares leading the charge. A gauge of small caps climbed more than 2%, outperforming major benchmarks.
Treasury yields fell, with the 10-year dropping below its 50-day moving average for the first time since November. Oil added to losses with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery.
Traders are sifting through corporate results for signs on whether an anticipated jump in profits would bring with it forecasts for stronger growth. Equities had drifted lower on concern over a flare-up in coronavirus cases around the world that could jeopardize an economic rebound, particularly with stocks trading near their all-time highs.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bulls fought back yesterday as the buy the dippers appeared and we now look more positive for some more upside. Can they recapture 7000?
Initial support this morning is at 6895 where we have the daily pivot and the 30m coral is green and here. The 2 hour chart has also gone bullish as you would expect after the climb yesterday and has support closer at 6921 for this morning. Should the bears break below the 6895 level though then we may well see another test of the 20d Raff which sits at 6860 and ties in with S1. The bulls though will certainly be keen to keep the momentum going for the moment.
Below 6860 though and the bears may start to gain the upper hand again, and 6808 being S2 would be a likely target. I am feeling more positive for today though and think that a long around the 6895 area should play out fine. The S&P rising above 4175 would help though and a potential rise towards 4200 or higher would play out well. Again, we may see a dip and rise on that today, 4153 being the support area of note.
For the FTSE 100 bulls, they will be looking to break above the R1 and key fib level at 6947, and also the 2hour coral is red with resistance at 6958 currently. As such we could see a reaction and a modest dip off that - maybe a bit of profit taking following this bounce. Above that though and R2 at 6982 is the next level of note, then a potential move above 7000 after that. R3 is at 7034 though that might be a big ask for today.
Good luck today and lets see if we get a dip and rise play out.
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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 22nd April 2021

The wider market pared some of Tuesday’s declines yesterday, though the FTSE 100 failed to bounce back up above the 7,000 level as it rose 35.42 points to close at 6,895.29. The FTSE 250 shed 22.82 points 22,085.73.

Tobacco giants British American Tobacco and Imperial Brandsrebounded 44p to £27.36 and 32.5p to £14.98 respectively. It followed a slump on Tuesday for both stocks on the news that the Biden administration is considering tougher curbs on cigarettes.

Drug maker AstraZeneca advanced 126p to £76.20 after India’s Serum Institute said it would sell its vaccine to private hospitals at $8 (£5.70) per dose. Among others in the pharmaceuticals sector, Hikma Pharmaceuticals and GlaxoSmithKline were in the top 10 winners on the benchmark.

Confronting China

Momentum is growing in Congress for bipartisan legislation to confront China and bolster U.S. competitiveness in technology and critical manufacturing. The Senate Foreign Relations Committee, on a 21-1 vote Wednesday, approved a bill aimed at China on a number of fronts, including closer of scrutiny of foreign donations to U.S. colleges and universities. Meanwhile Australia has canceled agreements between China’s Belt and Road Initiative and the Victoria state government. Earlier this week, Chinese President Xi Jinping called for greater global economic integration while calling on the U.S. and its allies to avoid “bossing others around.”

Bouncing Back

Asia stocks are poised to bounce after U.S. equities snapped a two-day drop on a rally in companies that stand to benefit the most from an economic revival. The dollar fell, while Treasuries stabilized. Futures pointed higher in Japan, Australia and Hong Kong. Most major groups in the S&P 500 rose, with raw-material, energy and financial shares leading the charge. Blighted by rising cases from Japan to India, here's how Asian markets have underperformed their global peers since the start of March. [Bloomberg]

(adsbygoogle = window.adsbygoogle || []).push({});

US & Asia Overnight from Bloomberg

Most Asian stocks gained after U.S. equities rallied as investors focused on the outlook for earnings amid an economic revival. Treasuries advanced.

Japan outperformed, while Hong Kong and Australia had more modest gains. U.S. futures edged lower. Earlier, most major groups in the S&P 500 rose, with raw-material, energy and financial shares leading the charge. A gauge of small caps climbed more than 2%, outperforming major benchmarks.

Treasury yields fell, with the 10-year dropping below its 50-day moving average for the first time since November. Oil added to losses with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery.

Traders are sifting through corporate results for signs on whether an anticipated jump in profits would bring with it forecasts for stronger growth. Equities had drifted lower on concern over a flare-up in coronavirus cases around the world that could jeopardize an economic rebound, particularly with stocks trading near their all-time highs.

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

The bulls fought back yesterday as the buy the dippers appeared and we now look more positive for some more upside. Can they recapture 7000?

Initial support this morning is at 6895 where we have the daily pivot and the 30m coral is green and here. The 2 hour chart has also gone bullish as you would expect after the climb yesterday and has support closer at 6921 for this morning. Should the bears break below the 6895 level though then we may well see another test of the 20d Raff which sits at 6860 and ties in with S1. The bulls though will certainly be keen to keep the momentum going for the moment.

Below 6860 though and the bears may start to gain the upper hand again, and 6808 being S2 would be a likely target. I am feeling more positive for today though and think that a long around the 6895 area should play out fine. The S&P rising above 4175 would help though and a potential rise towards 4200 or higher would play out well. Again, we may see a dip and rise on that today, 4153 being the support area of note.

For the FTSE 100 bulls, they will be looking to break above the R1 and key fib level at 6947, and also the 2hour coral is red with resistance at 6958 currently. As such we could see a reaction and a modest dip off that - maybe a bit of profit taking following this bounce. Above that though and R2 at 6982 is the next level of note, then a potential move above 7000 after that. R3 is at 7034 though that might be a big ask for today.

Good luck today and lets see if we get a dip and rise play out.

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

[yikes-mailchimp form="4"]