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Half day today with a possible push to 7530 | 7420 holds | 7450 support today

#1 · 23rd December 2022, 9:51 am

Quote from Nick on 23rd December 2022, 9:51 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 23rd December 2022
Asian stocks resumed declines on Friday after a slump in US technology stocks and more economic data validating the case for the Federal Reserve to keep hiking interest rates set a downbeat tone. Hong Kong-listed tech shares led the falls, with a gauge of stocks in the region headed for its sixth drop in seven days. Weakness was also evident in benchmark indexes for Japan, Australia and South Korea.
So here we go, the last post of 2022 and we have a half day today so markets will close at 12:30 today. I don't do the email analysis between Christmas and New Year as the volumes are so low, so the next post will be on the 3rd January.
For today we have initial resistance at the 7490 level and following the bounce from 7420 once again last night we could see a stutter here. It certainly got a bit messy for the bulls yesterday who for most of the day were roundly beaten, with most of the supports breaking very easily.
Above the 7490 level, which is the red 30m coral, then the bulls would be looking for a rise towards the 7535 level where we have R1 and just above the key fib for today. Obviously the bulls will be wanting to close the week above the 7500 level if possible.
We also have the top of the Raff channels back into play, with the 20d at 7548 and the 10d at 7560. I cannot see the bulls pushing on much past this today, especially as we have a half day, and maybe even failing to reach that 7550 anyway.
Support wise, the 7450 level is fairly key to start with and the bulls will be unlikely to want to let this bounce from 7420 fizzle out too quickly.
If they do then 7420 is obviously support once again, and then 7390 below that. Will it get that bearish today? I don't think so, but never say never. The bears had their moment in the sun yesterday really with that drive down so a bounce today would make more sense.
For today I am therefore expecting an initial drop down off this 7490 level but we may well see some buying during the rest of the morning. Volumes are also likely to remain low today.
On that note, I'd just like to wish you and your families a very Merry Christmas/Happy Holidays and a Happy New Year and here's to a successful 2023 for us all.
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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.
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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
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 23rd December 2022

Asian stocks resumed declines on Friday after a slump in US technology stocks and more economic data validating the case for the Federal Reserve to keep hiking interest rates set a downbeat tone. Hong Kong-listed tech shares led the falls, with a gauge of stocks in the region headed for its sixth drop in seven days. Weakness was also evident in benchmark indexes for Japan, Australia and South Korea.

So here we go, the last post of 2022 and we have a half day today so markets will close at 12:30 today. I don't do the email analysis between Christmas and New Year as the volumes are so low, so the next post will be on the 3rd January.

For today we have initial resistance at the 7490 level and following the bounce from 7420 once again last night we could see a stutter here. It certainly got a bit messy for the bulls yesterday who for most of the day were roundly beaten, with most of the supports breaking very easily.

Above the 7490 level, which is the red 30m coral, then the bulls would be looking for a rise towards the 7535 level where we have R1 and just above the key fib for today. Obviously the bulls will be wanting to close the week above the 7500 level if possible.

We also have the top of the Raff channels back into play, with the 20d at 7548 and the 10d at 7560. I cannot see the bulls pushing on much past this today, especially as we have a half day, and maybe even failing to reach that 7550 anyway.

Support wise, the 7450 level is fairly key to start with and the bulls will be unlikely to want to let this bounce from 7420 fizzle out too quickly.

If they do then 7420 is obviously support once again, and then 7390 below that. Will it get that bearish today? I don't think so, but never say never. The bears had their moment in the sun yesterday really with that drive down so a bounce today would make more sense.

For today I am therefore expecting an initial drop down off this 7490 level but we may well see some buying during the rest of the morning. Volumes are also likely to remain low today.

On that note, I'd just like to wish you and your families a very Merry Christmas/Happy Holidays and a Happy New Year and here's to a successful 2023 for us all.

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