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Can the bulls defend the 7900 level | 7873 support below | 7945 7980 resistance

#1 · 24th February 2023, 9:55 am

Quote from Nick on 24th February 2023, 9:55 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 24th February 2023
Check out IG for trading https://refer.ig.com/iA6I8q
Stocks in Asia retreated, while contracts for US equities edged lower as investors awaited key data for clues on the Federal Reserve’s rate-hike campaign. A gauge of Asian equities was on course for a fourth straight weekly decline, the longest losing streak since September. Hong Kong-listed tech stocks led the drop following results from e-commerce giant Alibaba Group Holding Ltd., with analysts staying cautious on the company’s revenue outlook.
The FTSE100 bulls are hanging in there still and defending the drops, to the point that the 2h chart has gone bullish again after yesterdays defence of the 7880 level. We now have 7910 as support on that to start with today, with S1 and the 20d Raff channel just below that the 7898 level. As such, if we get a dip down to here we may well see it defended initially, for a rise towards the resistance zone at the 7980 area.
With R2 and the key fib here, and ahead of the weekend the bulls may skim some profit here, and it may well coincide with the S&P500 hitting its now locked in daily resistance at the 4048 level. We have the 25ema here, after a bearish cross yesterday and we may well see the bears appear here with a bit more strength to drive a drop down below 4000, and possibly down to 3900 next week.
Initial support on the FTSE100 is at the daily pivot at the 7922 level, though I am thinking that the 7900 area looks a better spot to try some tentative longs. As its Friday be a little bit more cautious though in terms of stake size and risk.
Below 7900 then the bears will be looking to break yesterdays low at 7880 as that would lead to a test of the daily support at 7851 and then 7800 below that.
For the bulls, a move above the 7946 30m 200ema will likely lead to the 7980 area mentioned, and above that we have the 8015 level for R3. Not expecting them to push too high today and 8000 might be elusive ahead of the weekend.
We have bit of news at 1330 and 1500, namely PCE Price index and then Michigan sentiment so we may get a bit of volatility then.
Generally looks like we may well see a rise and dip play out today.
Good luck today and have 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 24th February 2023

Check out IG for trading https://refer.ig.com/iA6I8q

Stocks in Asia retreated, while contracts for US equities edged lower as investors awaited key data for clues on the Federal Reserve’s rate-hike campaign. A gauge of Asian equities was on course for a fourth straight weekly decline, the longest losing streak since September. Hong Kong-listed tech stocks led the drop following results from e-commerce giant Alibaba Group Holding Ltd., with analysts staying cautious on the company’s revenue outlook.

The FTSE100 bulls are hanging in there still and defending the drops, to the point that the 2h chart has gone bullish again after yesterdays defence of the 7880 level. We now have 7910 as support on that to start with today, with S1 and the 20d Raff channel just below that the 7898 level. As such, if we get a dip down to here we may well see it defended initially, for a rise towards the resistance zone at the 7980 area.

With R2 and the key fib here, and ahead of the weekend the bulls may skim some profit here, and it may well coincide with the S&P500 hitting its now locked in daily resistance at the 4048 level. We have the 25ema here, after a bearish cross yesterday and we may well see the bears appear here with a bit more strength to drive a drop down below 4000, and possibly down to 3900 next week.

Initial support on the FTSE100 is at the daily pivot at the 7922 level, though I am thinking that the 7900 area looks a better spot to try some tentative longs. As its Friday be a little bit more cautious though in terms of stake size and risk.

Below 7900 then the bears will be looking to break yesterdays low at 7880 as that would lead to a test of the daily support at 7851 and then 7800 below that.

For the bulls, a move above the 7946 30m 200ema will likely lead to the 7980 area mentioned, and above that we have the 8015 level for R3. Not expecting them to push too high today and 8000 might be elusive ahead of the weekend.

We have bit of news at 1330 and 1500, namely PCE Price index and then Michigan sentiment so we may get a bit of volatility then.

Generally looks like we may well see a rise and dip play out today.

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