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Can the bulls get near 8000 today | 7955 7990 resistance | 7923 7892 7878 support

#1 · 6th March 2023, 10:13 am

Quote from Nick on 6th March 2023, 10:13 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 6th March 2023
Check out IG for trading https://refer.ig.com/iA6I8q
Asian shares edged up on Monday while bond markets held their breath ahead of an update on the U.S. rate outlook from the world's most powerful central banker, and a jobs report that could decide if the next hike needs to be super-sized.
There was some disappointment that Beijing chose to lowball its growth outlook with a target of 5%, rather than the 5.5%-plus favoured by the market, but the recent run of actual data has been strong enough to keep investors optimistic.
A decent dip and rise on Friday saw the bulls defend the 7920 level very well, and they will be looking to put in a bull Monday today for a rise towards the key daily resistance at the 7990 level, and ultimately another push up towards the 8000 and above.
However, initially today I am thinking that we will get a drop down to test the 7923 S1 level once again and a bit of a double bottom with Friday, before another push higher. We have a red 30m coral for resistance at the 7956 level to start with, and also the daily pivot at 7949. However, the 2h chart is bullish after Friday's performance, with decent support at the 7922 level with a green coral trend line here.
If the bears were to break below the 7920 level though then a drop down to the daily support at 7878 would be quite likely and with the key fib level for today also at 7870 I would expect this area to hold, at least initially.
For the bulls, a push past the 7990 level would likely manage R2 at 8006, and then the recent all time high at 8050 would be the next target. However, with the drop off there previously it has brought the daily resistance levels down too and we have 8035 as a level to keep an eye on. If it got that high today then we may well see a stutter here.
The top of the 10 day Raff channel is also at the 7990 level to lend some further weight to this being resistance.
The S&P500 has also managed to recover back above 4000 with a stellar rise on Friday, and the 4100 level is now the next target for the bulls. It's also just breaking out above both the Raff channels in a further sign of some bullish momentum building. If so then that should also help pull the FTSE100 up with it and a push towards 8030. The S&P500 2h chart has decent support at 3982 and a couple of other decent supports here so if we see this area then I would like to see this hold and a move back above 4000.
Generally it's looking like a decent bull Monday could play out today and the bulls will certainly be keen to keep their momentum going from Friday.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 6th March 2023

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

Asian shares edged up on Monday while bond markets held their breath ahead of an update on the U.S. rate outlook from the world's most powerful central banker, and a jobs report that could decide if the next hike needs to be super-sized.

There was some disappointment that Beijing chose to lowball its growth outlook with a target of 5%, rather than the 5.5%-plus favoured by the market, but the recent run of actual data has been strong enough to keep investors optimistic.

A decent dip and rise on Friday saw the bulls defend the 7920 level very well, and they will be looking to put in a bull Monday today for a rise towards the key daily resistance at the 7990 level, and ultimately another push up towards the 8000 and above.

However, initially today I am thinking that we will get a drop down to test the 7923 S1 level once again and a bit of a double bottom with Friday, before another push higher. We have a red 30m coral for resistance at the 7956 level to start with, and also the daily pivot at 7949. However, the 2h chart is bullish after Friday's performance, with decent support at the 7922 level with a green coral trend line here.

If the bears were to break below the 7920 level though then a drop down to the daily support at 7878 would be quite likely and with the key fib level for today also at 7870 I would expect this area to hold, at least initially.

For the bulls, a push past the 7990 level would likely manage R2 at 8006, and then the recent all time high at 8050 would be the next target. However, with the drop off there previously it has brought the daily resistance levels down too and we have 8035 as a level to keep an eye on. If it got that high today then we may well see a stutter here.

The top of the 10 day Raff channel is also at the 7990 level to lend some further weight to this being resistance.

The S&P500 has also managed to recover back above 4000 with a stellar rise on Friday, and the 4100 level is now the next target for the bulls. It's also just breaking out above both the Raff channels in a further sign of some bullish momentum building. If so then that should also help pull the FTSE100 up with it and a push towards 8030. The S&P500 2h chart has decent support at 3982 and a couple of other decent supports here so if we see this area then I would like to see this hold and a move back above 4000.

Generally it's looking like a decent bull Monday could play out today and the bulls will certainly be keen to keep their momentum going from Friday.

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

Keep up to date with new content, free sign up below with just your email address

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