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FTSE 100 6 month high | 7423 resistance | 7370 support | 7500 on the cards? | trading analysis chat room

#1 · 3rd April 2019, 10:00 am

Quote from Nick on 3rd April 2019, 10:00 am
3rd April 2019
The FTSE 100 leapt to a six-month high after the latest twist in the Brexit saga sent sterling sliding against the dollar and euro yesterday. The pound tumbled towards the psychological $1.30 mark versus the dollar after MPs failed to break the Brexit deadlock with indicative votes for a second time. It slipped as much as 0.8pc against the euro to €16.18, halting its advance towards a near two-year high versus its rival.
The latest pullback in the pound and a jump in oil prices helped the FTSE 100 race ahead of rivals to hit a six-month high as US markets’ march towards record levels stalled.
The big exporters on London’s benchmark index were buoyed by sterling’s tumble after MPs failed to break the Brexit deadlock with indicative votes for a second time.
The index was also lifted by Brent crude, the global benchmark oil price, climbing to a 2019 high on fears of a supply squeeze. The Trump administration is mulling fresh sanctions on Iran and could remove waivers currently alleviating the pressure on the country’s oil exports, Reuters revealed. Oil prices jumped 2.8pc in a two-day rally, hitting $69.50 per barrel.
The FTSE 100 extended its winning streak to a fourth day as the global advance started to fizzle out. The index closed 73.74 points higher at 7,391.12.
A report claimed that the Trump administration is mulling more sanctions on Iran and could remove waivers currently alleviating the pressure on the country’s oil exports. Brent crude, the global benchmark, jumped to a high of $69.50 per barrel.

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FTSE 100 Trading Signals, Forecast and Prediction
Having brought the FTSE up to the 7400 level, and a nudge above the 7402 resistance on the daily chart, we may see further bullishness for a rise towards 7500, and possibly even 7600. That said, there is resistance at 7423 from both the fib level for today, and also the 10 day Raff so we may well see a bit of a stutter here before further upside. The 2 hour chart remains bullish, with the green coral support line at 7313 for now (and rising) so if we were to get a dip down towards that then it should hold the first test as support. It should rise up towards 7340 by the end of the day.
[caption id="attachment_14702" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
If the bears were to take charge today then a move below 7400 will likely see the 7369 daily pivot tested as the first support, then the 7320 area below that. This latter support is the fib level and also the 200ema on the 30min chart. If we were to drop that low though, the bulls will really need to charge back at that point to keep hopes of a push above the 7400 level intact. If the bears were to break below the 7320 level then the picture changes and we will probably adopt a bearish bias. The slight spanner in the works for the bulls is that most markets are near the top of their Raff channels, and the RSI on the daily chart on the FTSE is nudging 71 currently, so one could argue that it would be prudent to start being a bit cautious.
The Brexit saga (crisis!) rumbles on with May now asking Labour to put their heads together on the plan. You would think they would have done that 2 years ago! The Leave camp should have had a plan really...
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
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

3rd April 2019

The FTSE 100 leapt to a six-month high after the latest twist in the Brexit saga sent sterling sliding against the dollar and euro yesterday. The pound tumbled towards the psychological $1.30 mark versus the dollar after MPs failed to break the Brexit deadlock with indicative votes for a second time. It slipped as much as 0.8pc against the euro to €16.18, halting its advance towards a near two-year high versus its rival.

The latest pullback in the pound and a jump in oil prices helped the FTSE 100 race ahead of rivals to hit a six-month high as US markets’ march towards record levels stalled.

The big exporters on London’s benchmark index were buoyed by sterling’s tumble after MPs failed to break the Brexit deadlock with indicative votes for a second time.

The index was also lifted by Brent crude, the global benchmark oil price, climbing to a 2019 high on fears of a supply squeeze. The Trump administration is mulling fresh sanctions on Iran and could remove waivers currently alleviating the pressure on the country’s oil exports, Reuters revealed. Oil prices jumped 2.8pc in a two-day rally, hitting $69.50 per barrel.

The FTSE 100 extended its winning streak to a fourth day as the global advance started to fizzle out. The index closed 73.74 points higher at 7,391.12.

A report claimed that the Trump administration is mulling more sanctions on Iran and could remove waivers currently alleviating the pressure on the country’s oil exports. Brent crude, the global benchmark, jumped to a high of $69.50 per barrel.

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FTSE 100 Trading Signals, Forecast and Prediction

Having brought the FTSE up to the 7400 level, and a nudge above the 7402 resistance on the daily chart, we may see further bullishness for a rise towards 7500, and possibly even 7600. That said, there is resistance at 7423 from both the fib level for today, and also the 10 day Raff so we may well see a bit of a stutter here before further upside. The 2 hour chart remains bullish, with the green coral support line at 7313 for now (and rising) so if we were to get a dip down towards that then it should hold the first test as support. It should rise up towards 7340 by the end of the day.

[caption id="attachment_14702" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

If the bears were to take charge today then a move below 7400 will likely see the 7369 daily pivot tested as the first support, then the 7320 area below that. This latter support is the fib level and also the 200ema on the 30min chart. If we were to drop that low though, the bulls will really need to charge back at that point to keep hopes of a push above the 7400 level intact. If the bears were to break below the 7320 level then the picture changes and we will probably adopt a bearish bias. The slight spanner in the works for the bulls is that most markets are near the top of their Raff channels, and the RSI on the daily chart on the FTSE is nudging 71 currently, so one could argue that it would be prudent to start being a bit cautious.

The Brexit saga (crisis!) rumbles on with May now asking Labour to put their heads together on the plan. You would think they would have done that 2 years ago! The Leave camp should have had a plan really...

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

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