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Can the bulls defend 7871 again | 7837 7808 below | 7911 7940 7970 resistance

#1 · 20th April 2023, 9:06 am

Quote from Nick on 20th April 2023, 9:06 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 20th April 2023
Asian stocks inched lower on Thursday, while the dollar clung to overnight gains in cautious trading as U.S. Federal Reserve policymakers reiterated their commitment to reining in inflation despite signs of mounting economic headwinds.
Futures indicated Europe was set for muted open, with Eurostoxx 50 futures up 0.09%, German DAX futures down 0.02% and FTSE futures 0.04% higher.
Traders are bracing for meetings from central banks in the next few weeks as easing worries over the banking sector brings inflation and monetary policy back into focus.
The bulls defended the small drop down to the 200ema at 7880 yesterday but it's not particularly bullish with the inflation data out yesterday tempering things. More rate rises in the UK ahead!
Initially today we have resistance at the 7911 level with R1 here and near the 7920 that has been resistance all this week. A such we may well see the bears have yet another go off this, though above this we still have the 7970 level in play. Given that the FTSE100 has been so flat recently the support and resistance levels have condensed a bit, and we have R3 only at 7955 for today. I can see a rise playing out for that today though.
The 2h chart remains bearish though, and has the 7921 level for the Hull MA resistance. The coral is still green but having levelled off at 7915 could turn red this morning and also then have resistance here. It will be up to the bulls today really!
Support wise then the 7881 is still the 200ema on the 30m and initial support. Also would set up a decent double bottom with yesterday. We also have the bottom of the 10d Raff channel here to add weight to this level. The next level of interest below that his 7866 for S1, so pretty close, but then the daily support at 7808 is much lower and should it get really bearish is one to keep in mind. 7821 is S3 so again, quite condensed.
It feels like the bulls will continue to defend the dips for the moment as the SPX had a small drop off the 2h resistance at 4160 last night but has defended the 4140 level. Lower support is at 4125 and if we should drop to this level then I would expect that to hold. The bulls will of course be keen to try and break above that 4160 level as that would likely lead to a test of the 4200 level or just below. 4182 is R2 for today and could well be seen.
Gold could well be front running again and has dipped below the 2000 level, suggesting a rise on indices. The bulls will be keen to defend the 1990 level as we have a cluster of supports here from the daily pivot, 30m coral and Hull MA on the 2h.
For the Dax, we are just on the daily pivot to start with which could set up a bounce initially towards the R2 and key fib at 15977. That looks to be worth a short for today.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 20th April 2023

Asian stocks inched lower on Thursday, while the dollar clung to overnight gains in cautious trading as U.S. Federal Reserve policymakers reiterated their commitment to reining in inflation despite signs of mounting economic headwinds.

Futures indicated Europe was set for muted open, with Eurostoxx 50 futures up 0.09%, German DAX futures down 0.02% and FTSE futures 0.04% higher.

Traders are bracing for meetings from central banks in the next few weeks as easing worries over the banking sector brings inflation and monetary policy back into focus.

The bulls defended the small drop down to the 200ema at 7880 yesterday but it's not particularly bullish with the inflation data out yesterday tempering things. More rate rises in the UK ahead!

Initially today we have resistance at the 7911 level with R1 here and near the 7920 that has been resistance all this week. A such we may well see the bears have yet another go off this, though above this we still have the 7970 level in play. Given that the FTSE100 has been so flat recently the support and resistance levels have condensed a bit, and we have R3 only at 7955 for today. I can see a rise playing out for that today though.

The 2h chart remains bearish though, and has the 7921 level for the Hull MA resistance. The coral is still green but having levelled off at 7915 could turn red this morning and also then have resistance here. It will be up to the bulls today really!

Support wise then the 7881 is still the 200ema on the 30m and initial support. Also would set up a decent double bottom with yesterday. We also have the bottom of the 10d Raff channel here to add weight to this level. The next level of interest below that his 7866 for S1, so pretty close, but then the daily support at 7808 is much lower and should it get really bearish is one to keep in mind. 7821 is S3 so again, quite condensed.

It feels like the bulls will continue to defend the dips for the moment as the SPX had a small drop off the 2h resistance at 4160 last night but has defended the 4140 level. Lower support is at 4125 and if we should drop to this level then I would expect that to hold. The bulls will of course be keen to try and break above that 4160 level as that would likely lead to a test of the 4200 level or just below. 4182 is R2 for today and could well be seen.

Gold could well be front running again and has dipped below the 2000 level, suggesting a rise on indices. The bulls will be keen to defend the 1990 level as we have a cluster of supports here from the daily pivot, 30m coral and Hull MA on the 2h.

For the Dax, we are just on the daily pivot to start with which could set up a bounce initially towards the R2 and key fib at 15977. That looks to be worth a short for today.

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