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Dip rise dip with 7920 support | 7990 resistance | 7872 support lower down

#1 · 7th March 2023, 10:31 am

Quote from Nick on 7th March 2023, 10:31 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
The FTSE 100 closed Monday 0.22pc lower at 7,929.79. Declining metal prices weighed down FTSE 100-listed mining giants, following the decision of top metals consumer China to set a modest growth target for the year. The domestically focused FTSE 250 index closed 0.69pc higher at 20,064.11.
Just a 50 odd point range in play yesterday but the dip and rise played out but with yet another test of the 7900 level. The bulls failed to push past the 7950 level really which keeps the 7990 level in play as key resistance for the time being. With R2 here today and just above the key fib level of 7979 if we get a rise to here then we may well see the bears appear. Feels like a bit of a short the rallies day, and a possible lower close later.
Initial support is at the the 7930 level with the daily pivot and the green 30m coral here, so it will be interesting to see if the bulls can keep the momentum going, at least initially. Below this then the bears will be looking at 7900 again, and with S1 at 7902 we may well see this hold. Below that though and the 7870 area looks to be very decent support with the key fib and S2 here, and just below the lower daily support at 7878. 7858 is also daily support slightly lower as well.
For the bulls if they can break the 7950 level then 7990 as mentioned, and a possible push above 8000 though feels a bit of a tall order today. That said the Raff channels have levelled off again, with the 10day channel arresting its decline that it had yesterday. As such is there a bit pot optimism creeping in for the beginning of March?
A lot will depend on the S&P500 of course, and we head towards NFP on Friday. Having pushed above the 25ema on the daily on Thursday it's looking a bit more optimistic and the 2h chart remains bullish. 4066 is the red 30m coral so initial resistance there with the 4095 looking stronger above that. If it gets that high a short here looks to be worth a go as that is also the top of the 10d Raff channel. The 20d channel has resistance at 4070.
The Dax40 is also bullish to start with and has 2h chart support at the 15600 level, and then daily pivot just above this at 15635. If the bulls are quick out the blocks then we may well see a rise towards 15750 before a drop off from here.
So, looking for an early hold of the 7920-7930 area on the FTSE100 and a rise towards 7990 before a drop off.
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

The FTSE 100 closed Monday 0.22pc lower at 7,929.79. Declining metal prices weighed down FTSE 100-listed mining giants, following the decision of top metals consumer China to set a modest growth target for the year. The domestically focused FTSE 250 index closed 0.69pc higher at 20,064.11.

Just a 50 odd point range in play yesterday but the dip and rise played out but with yet another test of the 7900 level. The bulls failed to push past the 7950 level really which keeps the 7990 level in play as key resistance for the time being. With R2 here today and just above the key fib level of 7979 if we get a rise to here then we may well see the bears appear. Feels like a bit of a short the rallies day, and a possible lower close later.

Initial support is at the the 7930 level with the daily pivot and the green 30m coral here, so it will be interesting to see if the bulls can keep the momentum going, at least initially. Below this then the bears will be looking at 7900 again, and with S1 at 7902 we may well see this hold. Below that though and the 7870 area looks to be very decent support with the key fib and S2 here, and just below the lower daily support at 7878. 7858 is also daily support slightly lower as well.

For the bulls if they can break the 7950 level then 7990 as mentioned, and a possible push above 8000 though feels a bit of a tall order today. That said the Raff channels have levelled off again, with the 10day channel arresting its decline that it had yesterday. As such is there a bit pot optimism creeping in for the beginning of March?

A lot will depend on the S&P500 of course, and we head towards NFP on Friday. Having pushed above the 25ema on the daily on Thursday it's looking a bit more optimistic and the 2h chart remains bullish. 4066 is the red 30m coral so initial resistance there with the 4095 looking stronger above that. If it gets that high a short here looks to be worth a go as that is also the top of the 10d Raff channel. The 20d channel has resistance at 4070.

The Dax40 is also bullish to start with and has 2h chart support at the 15600 level, and then daily pivot just above this at 15635. If the bulls are quick out the blocks then we may well see a rise towards 15750 before a drop off from here.

So, looking for an early hold of the 7920-7930 area on the FTSE100 and a rise towards 7990 before a drop off.

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