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Can the bulls break 7820 | 7745 7726 support | 7853 above | UK unemployment rises to 3.9%

#1 · 16th May 2023, 9:01 am

Quote from Nick on 16th May 2023, 9:01 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 16th May 2023
Asia stocks mostly held firm on Tuesday despite weaker-than-expected Chinese economic data, with investors expecting the world’s second-biggest economy to provide policy support.
China’s industrial output grew 5.6% in April from a year earlier, accelerating from the 3.9% pace seen in March and marking the quickest growth since September 2022, data showed on Tuesday. But it was well below expectations for a 10.9% increase in a Reuters poll of analysts.
Retail sales also missed expectations, and, coming against a backdrop of China’s weak industrial, credit growth and import indicators, highlighted a wobbly post-COVID recovery.
The FTSE100 has dropped off a little bit overnight and now nearly at the first support level at 7765 where we have the 200ema on the 30m, and then 7756 for another test of the 2h Hull MA. Just below this 7746 is the 2h coral.
As such, with a bit of bear Tuesday in the mix, we may see an initial slide then a bounce back to the 7780 area where we now have a cluster of resistance - 25EMA on the 30m, daily pivot and the 30m coral.
The S&P500 will be keen to defend the 4115 level today as we have S1 here, and it's just above yesterdays bounce point. That was a bit of an over reaction to the downside yesterday as shown by the swift recovery back to 4140. Buying appetite is still around.Below 4115 then a test of 4101 key fibs and 4095 S2 may well play out though so keep an eye on this level. Above 4130 then the bulls will be aiming for 4157 where w heavier the key fib.
Back to the FTSE and above the 7785 level then 7820 remains the magnet for the moment so look for a rise towards that if the bulls get their mojo.
Below the 7726 level though and then 7680, the recent low, is the next lien in the sand. Below that then 7640 would be the next area of note. Not sure it will get that low today and in fact I would like to see the 7726 area hold.
Having tested the daily 25ema at the 7790 area and dropped off a few times, we are still just chopping. The bears have not piled in off this level though, which suggests that it may break higher soon. A delay to the "sell in May"!
So, a bit of a bear Tuesday possibly but watching the 7750 and 7726 levels as decent support.
UK unemployment rate for March has just ticked up to 3.9% in the latest data release too.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 16th May 2023

Asia stocks mostly held firm on Tuesday despite weaker-than-expected Chinese economic data, with investors expecting the world’s second-biggest economy to provide policy support.

China’s industrial output grew 5.6% in April from a year earlier, accelerating from the 3.9% pace seen in March and marking the quickest growth since September 2022, data showed on Tuesday. But it was well below expectations for a 10.9% increase in a Reuters poll of analysts.

Retail sales also missed expectations, and, coming against a backdrop of China’s weak industrial, credit growth and import indicators, highlighted a wobbly post-COVID recovery.

The FTSE100 has dropped off a little bit overnight and now nearly at the first support level at 7765 where we have the 200ema on the 30m, and then 7756 for another test of the 2h Hull MA. Just below this 7746 is the 2h coral.

As such, with a bit of bear Tuesday in the mix, we may see an initial slide then a bounce back to the 7780 area where we now have a cluster of resistance - 25EMA on the 30m, daily pivot and the 30m coral.

The S&P500 will be keen to defend the 4115 level today as we have S1 here, and it's just above yesterdays bounce point. That was a bit of an over reaction to the downside yesterday as shown by the swift recovery back to 4140. Buying appetite is still around.Below 4115 then a test of 4101 key fibs and 4095 S2 may well play out though so keep an eye on this level. Above 4130 then the bulls will be aiming for 4157 where w heavier the key fib.

Back to the FTSE and above the 7785 level then 7820 remains the magnet for the moment so look for a rise towards that if the bulls get their mojo.

Below the 7726 level though and then 7680, the recent low, is the next lien in the sand. Below that then 7640 would be the next area of note. Not sure it will get that low today and in fact I would like to see the 7726 area hold.

Having tested the daily 25ema at the 7790 area and dropped off a few times, we are still just chopping. The bears have not piled in off this level though, which suggests that it may break higher soon. A delay to the "sell in May"!

So, a bit of a bear Tuesday possibly but watching the 7750 and 7726 levels as decent support.

UK unemployment rate for March has just ticked up to 3.9% in the latest data release too.

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