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Dip and rise likely with 7770 7730 support | 7810 7838 resistance

#1 · 11th April 2023, 9:26 am

Quote from Nick on 11th April 2023, 9:26 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 11th April 2023
Asia stocks posted gains on Tuesday, boosted by investor optimism that the region's central banks will continue to pause or end interest rate hike cycles, whatever action the U.S. Federal Reserve takes. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% as trading resumed after a long holiday weekend in many major Asian markets. On Tuesday morning, South Korea's central bank held interest rates steady for a second consecutive meeting, as expected.
Strong U.S. employment data published last Friday sparked expectations that the Fed may hike rates in May, but the 25 basis point rise now priced in by the market is smaller than what had previously been estimated
Futures prices put in a decent bull Monday yesterday with the 7730 level holding as support. The bulls will be keen to continue this to push up past the 7800 level today and a rise towards the R3 level at 7838 looks possible. Ultimately I am still looking at that daily resistance level around 7930 that we mentioned on Thursday last week, and I think that we will see that before too long. The 7200 level tested while I was away os fading into the distance now.
Initially we may get a drop down on all the instruments to test the daily pivot levels, which is at the 7760 level for the FTSE100, 4099 S&P500 and 15642 for the Dax40. That would also tie in with a test of the FTSE100 30m coral which is now green, given the rise out of hours since Thursday's close.
7810 is R1 and the key fib to start with so we could see an initial stutter in this area and it also ties in with the overnight high last night. The 2h chart is now also bullish as you would expect with the 7770 level as support on that. Could well see a buy the dip day play out, at least initially.
The daily chart also remains bullish now, with the 25ema support at the 7670 area. Doubt we will see that today but a rise off any test of that moving average is likely over the next few weeks.
Below the daily pivot for today and the bears would be aiming for the 7725 level where we have the 30m 200ema, and also a test of the low from yesterday. This would probably hold, otherwise S2 at 7708 is next up. That said I expect the bulls to stay in charge for a bit longer.
The S&P500 will also be keen to build on the recent rise and the 4100 area is now decent support so should we see a drop down to this then I would expect a bounce here.
The Raff channels are rising on all three markets we watch which is a good sign for more upside in April.
So, generally looking at a rise and possible dip later on for today. Bulls remain in charge. Good luck today!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 11th April 2023

Asia stocks posted gains on Tuesday, boosted by investor optimism that the region's central banks will continue to pause or end interest rate hike cycles, whatever action the U.S. Federal Reserve takes. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6% as trading resumed after a long holiday weekend in many major Asian markets. On Tuesday morning, South Korea's central bank held interest rates steady for a second consecutive meeting, as expected.

Strong U.S. employment data published last Friday sparked expectations that the Fed may hike rates in May, but the 25 basis point rise now priced in by the market is smaller than what had previously been estimated

Futures prices put in a decent bull Monday yesterday with the 7730 level holding as support. The bulls will be keen to continue this to push up past the 7800 level today and a rise towards the R3 level at 7838 looks possible. Ultimately I am still looking at that daily resistance level around 7930 that we mentioned on Thursday last week, and I think that we will see that before too long. The 7200 level tested while I was away os fading into the distance now.

Initially we may get a drop down on all the instruments to test the daily pivot levels, which is at the 7760 level for the FTSE100, 4099 S&P500 and 15642 for the Dax40. That would also tie in with a test of the FTSE100 30m coral which is now green, given the rise out of hours since Thursday's close.

7810 is R1 and the key fib to start with so we could see an initial stutter in this area and it also ties in with the overnight high last night. The 2h chart is now also bullish as you would expect with the 7770 level as support on that. Could well see a buy the dip day play out, at least initially.

The daily chart also remains bullish now, with the 25ema support at the 7670 area. Doubt we will see that today but a rise off any test of that moving average is likely over the next few weeks.

Below the daily pivot for today and the bears would be aiming for the 7725 level where we have the 30m 200ema, and also a test of the low from yesterday. This would probably hold, otherwise S2 at 7708 is next up. That said I expect the bulls to stay in charge for a bit longer.

The S&P500 will also be keen to build on the recent rise and the 4100 area is now decent support so should we see a drop down to this then I would expect a bounce here.

The Raff channels are rising on all three markets we watch which is a good sign for more upside in April.

So, generally looking at a rise and possible dip later on for today. Bulls remain in charge. 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