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Looking bullish with daily support at 5770 now | Can they push towards 5900 | Gold drops

#1 · 28th April 2020, 9:06 am

Quote from Nick on 28th April 2020, 9:06 am
FTSE 100 live outlook prediction analysis for 28th April 2020
European stocks finished the day comfortably in the green as Italy announced plans to gradually lift its lockdown
US oil prices slipped more than 10pc despite production cuts
The pound rose as Boris Johnson returned to work
The number of new Italian coronavirus cases and new UK virus-related deaths have hit their lowest levels in weeks. Italy reported the lowest levels of new cases in seven weeks as it laid tentative plans to begin reopening its economy. Meanwhile, a further 360 people are reported to have sadly died from coronavirus in UK hospitals, the lowest daily increase since March 28.
A Viable Vaccine?
A vaccine to halt the coronavirus pandemic could be available as early as this year for vulnerable groups such as health-care workers. The Coalition for Epidemic Preparedness Innovations, which is funding nine different coronavirus vaccine projects, had previously suggested a shot could be ready within 12 to 18 months, an already ambitious target. That assessment didn’t account for the possibility of companies working closely together to accelerate the process, faster enrolment in human trials and other factors, according to Richard Hatchett, the head of the Oslo-based organization. With the number of coronavirus infections now past the 3 million mark, the pressure is growing to come up with therapies and vaccines to combat the contagion. Dozens of companies around the world are pursuing a vaccine, among them Sanofi, Johnson & Johnson and Moderna. The news come as a study finds the virus lingers in the air of crowded spaces.[Bloomberg]
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Stocks were mixed in Asia on Tuesday and U.S. futures dipped after a modest rally on Wall Street overnight. Crude oil extended sharp losses from Monday.
We had a fairly flat day really yesterday on the FTSE 100 but the bulls have managed to hold onto the modest gains overnight.The S&P couldn't convincingly pull away from the 2870 level but equally the bears didn't really capitalise on that resistance either. That said, a small push higher is possible still before we see a slide - I am still looking at the 200ema on the daily at 2938 as resistance. 2921 is also the top of the 10 day Raff channel. As such, we may well get a rise and dip play out for today as the FTSE gets towards yesterdays high at the 5880 area, and we also have the key fib and R1 at 5900 to act as initial resistance. If the bulls were to push past 5900 then a rise towards the top of the 10 day Raff is still on the cards, with resistance from that at 6010 today.
For the first time in a while the daily chart has gone bullish and we have decent looking support on that now at 5768 and slowly rising. Should we get a dip down to that area this week then I think we will see a bounce around here. I really wouldnt be surprised if we see the FTSE 100 regain the 6000 level soon though. The stimulus measures are certainly helping to underpin the cataclysmic effect of the virus and global shut down on many businesses.
Should the bears break below that 5770 support area today though, then a drop down to 5630 looks possible. And that will start to upset the apple cart as if the bears regain control then we may well get a really big leg down - 4500 distinctly possible again. Of course, its earnings season at the moment, and that can cause ripples throughout the markets. However, gold has continued to drop off and now broken below 1700 again, which would suggest that the money that pushed that higher is cycling out and back into equities. Oil for June delivery is hovering around $14 - we might well see a second consecutive month of oil going negative!
So for today I am looking at a small rise then a drop down to the 5800 support area, but do keep an eye on that daily support level at 5768. I think that the bulls have a bit more left in the tank, but we are getting near to some significant daily resistance levels on the S&P and the FTSE. Good luck today.
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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.
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FTSE 100 live outlook prediction analysis for 28th April 2020

European stocks finished the day comfortably in the green as Italy announced plans to gradually lift its lockdown
US oil prices slipped more than 10pc despite production cuts
The pound rose as Boris Johnson returned to work

The number of new Italian coronavirus cases and new UK virus-related deaths have hit their lowest levels in weeks. Italy reported the lowest levels of new cases in seven weeks as it laid tentative plans to begin reopening its economy. Meanwhile, a further 360 people are reported to have sadly died from coronavirus in UK hospitals, the lowest daily increase since March 28.

A Viable Vaccine?

A vaccine to halt the coronavirus pandemic could be available as early as this year for vulnerable groups such as health-care workers. The Coalition for Epidemic Preparedness Innovations, which is funding nine different coronavirus vaccine projects, had previously suggested a shot could be ready within 12 to 18 months, an already ambitious target. That assessment didn’t account for the possibility of companies working closely together to accelerate the process, faster enrolment in human trials and other factors, according to Richard Hatchett, the head of the Oslo-based organization. With the number of coronavirus infections now past the 3 million mark, the pressure is growing to come up with therapies and vaccines to combat the contagion. Dozens of companies around the world are pursuing a vaccine, among them Sanofi, Johnson & Johnson and Moderna. The news come as a study finds the virus lingers in the air of crowded spaces.[Bloomberg]

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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

Stocks were mixed in Asia on Tuesday and U.S. futures dipped after a modest rally on Wall Street overnight. Crude oil extended sharp losses from Monday.

We had a fairly flat day really yesterday on the FTSE 100 but the bulls have managed to hold onto the modest gains overnight.The S&P couldn't convincingly pull away from the 2870 level but equally the bears didn't really capitalise on that resistance either. That said, a small push higher is possible still before we see a slide - I am still looking at the 200ema on the daily at 2938 as resistance. 2921 is also the top of the 10 day Raff channel. As such, we may well get a rise and dip play out for today as the FTSE gets towards yesterdays high at the 5880 area, and we also have the key fib and R1 at 5900 to act as initial resistance. If the bulls were to push past 5900 then a rise towards the top of the 10 day Raff is still on the cards, with resistance from that at 6010 today.

For the first time in a while the daily chart has gone bullish and we have decent looking support on that now at 5768 and slowly rising. Should we get a dip down to that area this week then I think we will see a bounce around here. I really wouldnt be surprised if we see the FTSE 100 regain the 6000 level soon though. The stimulus measures are certainly helping to underpin the cataclysmic effect of the virus and global shut down on many businesses.

Should the bears break below that 5770 support area today though, then a drop down to 5630 looks possible. And that will start to upset the apple cart as if the bears regain control then we may well get a really big leg down - 4500 distinctly possible again. Of course, its earnings season at the moment, and that can cause ripples throughout the markets. However, gold has continued to drop off and now broken below 1700 again, which would suggest that the money that pushed that higher is cycling out and back into equities. Oil for June delivery is hovering around $14 - we might well see a second consecutive month of oil going negative!

So for today I am looking at a small rise then a drop down to the 5800 support area, but do keep an eye on that daily support level at 5768. I think that the bulls have a bit more left in the tank, but we are getting near to some significant daily resistance levels on the S&P and the FTSE. 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 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

Keep up to date with new content, free sign up below

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