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Happy New Year! New month & New Year money | 7543 7636 resistance | 7442 7415 support

#1 · 3rd January 2023, 10:57 am

Quote from Nick on 3rd January 2023, 10:57 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 3rd January 2023
Happy New Year and I hope that you have a happy, healthy, and mainly profitable 2023!
The first trading day for most major markets in Asia was a choppy one, as investors grappled with the contradictory implications of China’s opening up and a resurgence in COVID-19 cases. European and U.S. futures struggled to make headway. Surveys out over the weekend showed China’s factory activity in December shrank at the sharpest pace in nearly three years as COVID infections swept through production lines. Tuesday Caxin figures also showed shrinking activity.
2023 starting with a bang with a drop overnight as the ASX200 dropped, to once again test the 7420 level. We have bounced back from there quite strongly so far and having double topped at 7520 with the 29th December we have seen quite the range already! For today, the bulls will be looking to push up to that 7520 again and also break above it, while the bulls will be aiming to break below the 7420 level.
That said, there is closer support at the 7442 level where we have the key fib, and having already seen a decent bounce play out overnight, the bears might see the bulls step up here. Slight retrace of the bounce and then resume the upward move. With the FTSE100 closed yesterday then we missed the bull Monday, and as such we may well see bear Tuesday be a bit more lacklustre today.
The 2h chart is bearish to start with today as well and 7502 is the coral resistance on that, though the 10d Raff is now heading back up once again. We are at the mid point of the Raff channels though so I don't expect a test of the edges of those channels today.
We may well see a bit of a cautious start to the year and a slow and steady defence by the bulls todays, and tentative bearishness as well just to mix it up.
If the bears were to break below the 7444 level then 7420 as mentioned would be next up, the 7392 below that for a test of S3.
For the bulls, a break above the 7520 level would likely see that 7544 level, and I would expect this to hold as resistance today if seen as it looks to be a fairly key area, as we also have the key fib here. Above that the 7581 level is daily resistance and also R3, so should the bulls be capable of adding over 100 today from where we are looking to open, then this area will likely hold.
Mixed messages in the media for the FTSE100 to start the year (no surprise really!) as some saying that the UK is poised to be the worst performing of all the G7 countries, with a long depression, while the charts and other quarters looking a bit more positive! As per usual, ignore the news and trade what you see!
Good luck today, might have a slightly cautious air about it as we settle into the year!
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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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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 3rd January 2023

Happy New Year and I hope that you have a happy, healthy, and mainly profitable 2023!

The first trading day for most major markets in Asia was a choppy one, as investors grappled with the contradictory implications of China’s opening up and a resurgence in COVID-19 cases. European and U.S. futures struggled to make headway. Surveys out over the weekend showed China’s factory activity in December shrank at the sharpest pace in nearly three years as COVID infections swept through production lines. Tuesday Caxin figures also showed shrinking activity.

2023 starting with a bang with a drop overnight as the ASX200 dropped, to once again test the 7420 level. We have bounced back from there quite strongly so far and having double topped at 7520 with the 29th December we have seen quite the range already! For today, the bulls will be looking to push up to that 7520 again and also break above it, while the bulls will be aiming to break below the 7420 level.

That said, there is closer support at the 7442 level where we have the key fib, and having already seen a decent bounce play out overnight, the bears might see the bulls step up here. Slight retrace of the bounce and then resume the upward move. With the FTSE100 closed yesterday then we missed the bull Monday, and as such we may well see bear Tuesday be a bit more lacklustre today.

The 2h chart is bearish to start with today as well and 7502 is the coral resistance on that, though the 10d Raff is now heading back up once again. We are at the mid point of the Raff channels though so I don't expect a test of the edges of those channels today.

We may well see a bit of a cautious start to the year and a slow and steady defence by the bulls todays, and tentative bearishness as well just to mix it up.

If the bears were to break below the 7444 level then 7420 as mentioned would be next up, the 7392 below that for a test of S3.

For the bulls, a break above the 7520 level would likely see that 7544 level, and I would expect this to hold as resistance today if seen as it looks to be a fairly key area, as we also have the key fib here. Above that the 7581 level is daily resistance and also R3, so should the bulls be capable of adding over 100 today from where we are looking to open, then this area will likely hold.

Mixed messages in the media for the FTSE100 to start the year (no surprise really!) as some saying that the UK is poised to be the worst performing of all the G7 countries, with a long depression, while the charts and other quarters looking a bit more positive! As per usual, ignore the news and trade what you see!

Good luck today, might have a slightly cautious air about it as we settle into the year!

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