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Bulls want to defend 7900 7870 | 7850 below | Expiry today | 7921 7965 resistance

#1 · 21st April 2023, 8:09 am

Quote from Nick on 21st April 2023, 8:09 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 21st April 2023
Asian stocks slid toward their worst week in a month-and-a-half on Friday and oil nursed losses, while bonds enjoyed their best bid in weeks as U.S. data and earnings showed signs of weakness.
Overnight figures showed more Americans filing claims for jobless benefits and manufacturing activity in the mid-Atlantic region slumping to its lowest level in nearly three years. On the heels of other signals that the world’s biggest economy is slowing down, the data helped drag Brent crude futures, a bellwether for global activity, down 2.4% for their steepest single-day drop in five weeks.
We have option expiry today at 10:10 so we may see a bit of chop around then so bear that in mind. I am also expecting a bit of a fake break below the 7870 level. Trap those that short the break and also stop hunt those that are currently long with stops just below this key support level.
The 7876 level is initial support today but there is much stronger looking support at the 7855 level and as such I would like to see a bounce here.
The bulls will of course be keen to push past the 7920 level that has acted as the ceiling for most of the week. If they managed to do so then that would likely see a rise towards the 7970 level and a test of R3 at 7965 today. That level should likely see the bears have another go.
The bears will be aiming for the 7772 level if they were to get any momentum going for a test of the daily 25ema but I am not expecting it to get that low today (famous last words).
I really wouldn't be surprised to see a dip and rise today. The news flow is also starting to get a bit more negative with more recession chatter at the moment - all the more reason to see retail starting to panic and sell ready for markets to move higher!
The focus will also be shifting to interest rate rises as well, especially with that high inflation reading the other day.
So, watch 7920 and ultimately 7970 today for resistance, 7876 and then 7850 for support. This latter level should see a decent bounce.
Good luck today and have a great weekend.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 21st April 2023

Asian stocks slid toward their worst week in a month-and-a-half on Friday and oil nursed losses, while bonds enjoyed their best bid in weeks as U.S. data and earnings showed signs of weakness.

Overnight figures showed more Americans filing claims for jobless benefits and manufacturing activity in the mid-Atlantic region slumping to its lowest level in nearly three years. On the heels of other signals that the world’s biggest economy is slowing down, the data helped drag Brent crude futures, a bellwether for global activity, down 2.4% for their steepest single-day drop in five weeks.

We have option expiry today at 10:10 so we may see a bit of chop around then so bear that in mind. I am also expecting a bit of a fake break below the 7870 level. Trap those that short the break and also stop hunt those that are currently long with stops just below this key support level.

The 7876 level is initial support today but there is much stronger looking support at the 7855 level and as such I would like to see a bounce here.

The bulls will of course be keen to push past the 7920 level that has acted as the ceiling for most of the week. If they managed to do so then that would likely see a rise towards the 7970 level and a test of R3 at 7965 today. That level should likely see the bears have another go.

The bears will be aiming for the 7772 level if they were to get any momentum going for a test of the daily 25ema but I am not expecting it to get that low today (famous last words).

I really wouldn't be surprised to see a dip and rise today. The news flow is also starting to get a bit more negative with more recession chatter at the moment - all the more reason to see retail starting to panic and sell ready for markets to move higher!

The focus will also be shifting to interest rate rises as well, especially with that high inflation reading the other day.

So, watch 7920 and ultimately 7970 today for resistance, 7876 and then 7850 for support. This latter level should see a decent bounce.

Good luck 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 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