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Freaky Friday with 7912 7970 resistance | 7880 7850 7813 support | UK avoid recession (handy)

#1 · 10th February 2023, 10:04 am

Quote from Nick on 10th February 2023, 10:04 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 10th February 2023
Stocks and equity futures fell, while Treasuries slid as the prospect of higher interest rates continued to mount on the back of the Federal Reserve’s battle against inflation. An Asia equity benchmark was headed for its second straight weekly fall, with some of the biggest losses posted by Chinese tech shares. Futures on US and Europe equity contracts were also in the red. The picture was different in Japan, with stock gains supported by positive earnings from chipmakers.
The bulls failed to crack the 7950 level and that short worked well from there yesterday. Overnight we have dipped below the crucial 7900 level so the bulls will be keen to try and recapture that to end the week strongly.
As such I would expect yet another rise and dip to play out today, with 7912 being the first key resistance once again for today. We have the daily pivot and the now red 30m coral here, and are just sat on the 30m 200ema support to start with at 7880.
The bears meanwhile will be trying to take this down to the 7850 area where we have the S2 level and also just above the daily support level of 7846.
With the drop yesterday the 2h chart has gone bearish again for today and has Hull MA resistance at the 7924 level so keep an eye on that if they pop it through the 7912 level.
7950 then is next up as yesterday's high and as you can see form the key levels table, a daily level at 7961 is just above that. Ultimately they will want the 8000 level though there is R3 just below this at 7998...... will they go for the headlines (maybe Monday for that though).
GDP has just come in this morning at 0% for Q4, meaning Britain avoided recession at the end of last year even as the economy shrank last month (handy!). GDP fell 0.5pc in December, according to the Office for National Statistics. However, the economy was flat in the final three months of 2022, meaning the UK avoided recession.
If the bears break below the 7850 level then a slide down to the 7813 S3 level is likely, though with the bottom of the 10d Raff at 7845, and the bulls keen to continue pushing this up I am not expecting us to get that low today.
Don't forget as it's Friday it can be wise to lower the risk a little bit. Been a good week in terms of wins so no point chasing it too hard today!
Good luck and have a great weekend!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 10th February 2023

Stocks and equity futures fell, while Treasuries slid as the prospect of higher interest rates continued to mount on the back of the Federal Reserve’s battle against inflation. An Asia equity benchmark was headed for its second straight weekly fall, with some of the biggest losses posted by Chinese tech shares. Futures on US and Europe equity contracts were also in the red. The picture was different in Japan, with stock gains supported by positive earnings from chipmakers.

The bulls failed to crack the 7950 level and that short worked well from there yesterday. Overnight we have dipped below the crucial 7900 level so the bulls will be keen to try and recapture that to end the week strongly.

As such I would expect yet another rise and dip to play out today, with 7912 being the first key resistance once again for today. We have the daily pivot and the now red 30m coral here, and are just sat on the 30m 200ema support to start with at 7880.

The bears meanwhile will be trying to take this down to the 7850 area where we have the S2 level and also just above the daily support level of 7846.

With the drop yesterday the 2h chart has gone bearish again for today and has Hull MA resistance at the 7924 level so keep an eye on that if they pop it through the 7912 level.

7950 then is next up as yesterday's high and as you can see form the key levels table, a daily level at 7961 is just above that. Ultimately they will want the 8000 level though there is R3 just below this at 7998...... will they go for the headlines (maybe Monday for that though).

GDP has just come in this morning at 0% for Q4, meaning Britain avoided recession at the end of last year even as the economy shrank last month (handy!). GDP fell 0.5pc in December, according to the Office for National Statistics. However, the economy was flat in the final three months of 2022, meaning the UK avoided recession.

If the bears break below the 7850 level then a slide down to the 7813 S3 level is likely, though with the bottom of the 10d Raff at 7845, and the bulls keen to continue pushing this up I am not expecting us to get that low today.

Don't forget as it's Friday it can be wise to lower the risk a little bit. Been a good week in terms of wins so no point chasing it too hard today!

Good luck 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

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

#mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; }
/* Add your own Mailchimp form style overrides in your site stylesheet or in this style block.
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(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';}(jQuery));var $mcj = jQuery.noConflict(true);