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Can the bulls close the week above 7500 | 7470 7453 7420 support | 7501 7530 resistance

#1 · 9th December 2022, 12:10 pm

Quote from Nick on 9th December 2022, 12:10 pm
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 6th December 2022
Stocks in Asia followed Wall Street higher as investors looked to inflation readings for clues on the path of interest rate hikes. A benchmark of Asia equities headed for a sixth weekly gain, the longest such stretch in two years. US futures moved higher ahead of producer price data later Friday and after the S&P 500 notched its first advance this month.
A fairly lacklustre day yesterday though the bulls probably gained the upper hand. For today they will be keen to push past the 7500 level and hold that really, for a rise back towards the 7600 area next week. Statistically speaking we do have a dip early December if you look once again at the seasonal chart, and then the Santa Rally can kick in around about now. Having dropped off the 7620 level from the end of November, that could well play out nicely.
For today initial resistance is 7501 for R1 here, and an initial drop down to the 7470 level would fit quite well. We have the now green 30m coral here, and I would like to see a test of that hold for a climb back up and a weekly close above the 7500 level.
That said, there are still quite a few resistance hurdles to overcome, and the red coral on the 2h at 7520 is the next one above the 7500 level. This may well see a bearish reaction on the first test today so bear that in mind.
Above that then the 7550 R3 level is next up. If the bulls break this then 7600 beckons!
Support wise, then the 7470 level as mentioned looks key as we also have the bottom of the 20d Raff channel here.
If the bears were to break below this then I am expecting a slide down to the 7420 level. This would then finally be a test of the daily 25ema which we haven't had since it went bullish, and would then tee up the Santa Raly pretty well. I am not totally convinced that we will drop that low today but as its Friday you never know! Will certainly be a good level to get a swing long at to hold till year end.
7453 is also S1 on the way down so we could see a reaction there, though I'm thinking that if it has enough momentum to break 7470 it will probably get 7420!
On that note, have a good day today and a great weekend!
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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 6th December 2022

Stocks in Asia followed Wall Street higher as investors looked to inflation readings for clues on the path of interest rate hikes. A benchmark of Asia equities headed for a sixth weekly gain, the longest such stretch in two years. US futures moved higher ahead of producer price data later Friday and after the S&P 500 notched its first advance this month.

A fairly lacklustre day yesterday though the bulls probably gained the upper hand. For today they will be keen to push past the 7500 level and hold that really, for a rise back towards the 7600 area next week. Statistically speaking we do have a dip early December if you look once again at the seasonal chart, and then the Santa Rally can kick in around about now. Having dropped off the 7620 level from the end of November, that could well play out nicely.

For today initial resistance is 7501 for R1 here, and an initial drop down to the 7470 level would fit quite well. We have the now green 30m coral here, and I would like to see a test of that hold for a climb back up and a weekly close above the 7500 level.

That said, there are still quite a few resistance hurdles to overcome, and the red coral on the 2h at 7520 is the next one above the 7500 level. This may well see a bearish reaction on the first test today so bear that in mind.

Above that then the 7550 R3 level is next up. If the bulls break this then 7600 beckons!

Support wise, then the 7470 level as mentioned looks key as we also have the bottom of the 20d Raff channel here.

If the bears were to break below this then I am expecting a slide down to the 7420 level. This would then finally be a test of the daily 25ema which we haven't had since it went bullish, and would then tee up the Santa Raly pretty well. I am not totally convinced that we will drop that low today but as its Friday you never know! Will certainly be a good level to get a swing long at to hold till year end.

7453 is also S1 on the way down so we could see a reaction there, though I'm thinking that if it has enough momentum to break 7470 it will probably get 7420!

On that note, have a good day today and 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