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Dip and rise today with 7130 7104 support | 7160 7197 7207 resistance

#1 · 6th July 2021, 11:20 am

Quote from Nick on 6th July 2021, 11:20 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 6th July 2021
The bulls managed to put in a bit of a shift yesterday and we got the 7170 level, however today looks like we may well see a bit of Bear Tuesday initially with a move down to 7120 and possibly the 7100 level. 7120 is the 2h coral line and untested since it changed to green. A such I would like to see that hold, however if the momentum is strong then we could well drop down to the key fib level at 7104 instead.
7101 is also the 25ema on the daily chart (as well as a round number) and I would like to see that dip defended as it would tie in with a dip and rise playing out for the S&P500 as well, which would do well to rise towards the 4362 level today. Its the day after the US public holiday and can be bullish as the "swapped share tips" get placed!
A dip and rise across the board would play out well today, as we also have decent looking Dax support at 15534 again today. A rise from there back to the pivot at 15630 and higher would also play out well.
Below 7104 then the S2 level is 7090, with S3 at 7069 below that. Should it get mega bearish today though a drop down to the bottom of the 10 day Raff at 7030 is on the cards. That also ties in with general daily support at 7030 and should we see this level anytime soon it will be worth a long there.
For the bulls, above the 7155 initial resistance level then 7177 is next up as we just missed that being tested yesterday, with 7186 above that. 7198 is then the key fib and 7207 for R2 above that. The 7200 level may well hold as resistance in the very short term (and could tie in with the S&P dropping off the 4362 area.
So, looking at a dip and rise today I feel. Good luck today and watch 7120 and 7100 for support, 7155 and 7197 for resistance.
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Asian Session
Asian stocks were mixed Tuesday and Treasuries weakened as traders weighed a jump in crude oil prices following the collapse of a deal among OPEC+ leaders to boost output next month. A gauge of the dollar dipped.
Japanese stocks made modest gains while those in Hong Kong and China slipped. Lingering concerns about China’s cybersecurity crackdown are shadowing the nation’s stock market. One of the most high-profile probes is into ride-hailing giant Didi Global Inc., which only just listed in the U.S. European and S&P 500 equity futures fluctuated and Nasdaq 100 contracts fell.
OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The breakdown of talks has sent crude climbing toward $80 a barrel. But it also raises the risk of a price war if the conflict escalates.
Australian bond yields rose as the central bank announced a slower pace of asset purchases, though the statement reiterated that interest rates are unlikely to rise before 2024. New Zealand’s currency outperformed major peers on speculation that an interest-rate hike could come this year.
Higher energy costs could fan the inflationary pressures that are strengthening the case for the Federal Reserve to start withdrawing emergency stimulus in the months ahead. The latest U.S. central bank minutes due Wednesday may provide further context on its hawkish pivot last month. [Bloomberg]
Recommended Broker
GoMarkets offer over 350 tradable CFD instruments including Forex, Shares, Indices and Commodities. Widely recognised as Australia’s first MT4 broker, they’ve since added MT5, mobile trading and a web-based version to the trading platform suite. CLICK HERE
Membership and Live Trading
If you would like more detailed analysis for FTSE 100, 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 FTSE, DAX, Gold and S&P.
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
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

FTSE 100 live outlook prediction analysis for 6th July 2021

The bulls managed to put in a bit of a shift yesterday and we got the 7170 level, however today looks like we may well see a bit of Bear Tuesday initially with a move down to 7120 and possibly the 7100 level. 7120 is the 2h coral line and untested since it changed to green. A such I would like to see that hold, however if the momentum is strong then we could well drop down to the key fib level at 7104 instead.

7101 is also the 25ema on the daily chart (as well as a round number) and I would like to see that dip defended as it would tie in with a dip and rise playing out for the S&P500 as well, which would do well to rise towards the 4362 level today. Its the day after the US public holiday and can be bullish as the "swapped share tips" get placed!

A dip and rise across the board would play out well today, as we also have decent looking Dax support at 15534 again today. A rise from there back to the pivot at 15630 and higher would also play out well.

Below 7104 then the S2 level is 7090, with S3 at 7069 below that. Should it get mega bearish today though a drop down to the bottom of the 10 day Raff at 7030 is on the cards. That also ties in with general daily support at 7030 and should we see this level anytime soon it will be worth a long there.

For the bulls, above the 7155 initial resistance level then 7177 is next up as we just missed that being tested yesterday, with 7186 above that. 7198 is then the key fib and 7207 for R2 above that. The 7200 level may well hold as resistance in the very short term (and could tie in with the S&P dropping off the 4362 area.

So, looking at a dip and rise today I feel. Good luck today and watch 7120 and 7100 for support, 7155 and 7197 for resistance.

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Asian Session

Asian stocks were mixed Tuesday and Treasuries weakened as traders weighed a jump in crude oil prices following the collapse of a deal among OPEC+ leaders to boost output next month. A gauge of the dollar dipped.

Japanese stocks made modest gains while those in Hong Kong and China slipped. Lingering concerns about China’s cybersecurity crackdown are shadowing the nation’s stock market. One of the most high-profile probes is into ride-hailing giant Didi Global Inc., which only just listed in the U.S. European and S&P 500 equity futures fluctuated and Nasdaq 100 contracts fell.

OPEC+ was plunged into crisis as a worsening fight between Saudi Arabia and the United Arab Emirates blocked an oil-supply increase. The breakdown of talks has sent crude climbing toward $80 a barrel. But it also raises the risk of a price war if the conflict escalates.

Australian bond yields rose as the central bank announced a slower pace of asset purchases, though the statement reiterated that interest rates are unlikely to rise before 2024. New Zealand’s currency outperformed major peers on speculation that an interest-rate hike could come this year.

Higher energy costs could fan the inflationary pressures that are strengthening the case for the Federal Reserve to start withdrawing emergency stimulus in the months ahead. The latest U.S. central bank minutes due Wednesday may provide further context on its hawkish pivot last month. [Bloomberg]

Recommended Broker

GoMarkets offer over 350 tradable CFD instruments including Forex, Shares, Indices and Commodities. Widely recognised as Australia’s first MT4 broker, they’ve since added MT5, mobile trading and a web-based version to the trading platform suite. CLICK HERE

Membership and Live Trading

If you would like more detailed analysis for FTSE 100, 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 FTSE, DAX, Gold and S&P.
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

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