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New month money | US China positive trade vibes from G20 | 7529 resistance | 7450 7420 support | Chat room

#1 · 1st July 2019, 12:12 pm

Quote from Nick on 1st July 2019, 12:12 pm
1st July 2019
On Friday the FTSE 100 edged up 0.3pc to 7,425.63 points, a rise of 0.24pc for the week. US and European stocks rose amid hopes of a breakthrough on international trade as the G20 summit got under way in Osaka.
The highly-anticipated meeting between Presidents Xi Jinping and Donald Trump showed some progress on trade. Fund managers weren’t expecting much as the two leaders met Saturday at the Group of 20 summit in Japan. An agreement to resume negotiations has been welcomed by investors, with some seeing Trump’s decision to ease restrictions on Huawei Technologies Co. as a positive surprise. Asian stocks and US and European futures rose, with the FTSE 100 hitting the 7500 level we have been looking for. 7529 might well be seen later today and its setting up for a decent bull Monday.
Tory Leadership Race
Jeremy Hunt will seek to burnish his Brexit credentials Monday as he sets out his strategy for preparing the U.K. for a no-deal departure from the European Union The foreign secretary, who campaigned for the “remain” side in 2016’s referendum, will use a speech in London to lay out the plan, which includes preparing for a no-deal budget that will cut corporation tax and ease the burden for U.K. retailers.
Hunt, who is fighting frontrunner Boris Johnson to become the next prime minister, has regularly said his preference is to leave the EU with a deal. Still, he says he would consider taking the nation out of the bloc without an agreement if necessary, even if it hurts businesses.
Today's news highlights include JMMC and OPEC meetings, EZ & US Manufacturing PMI (Final), German Unemployment Rate, UK Manufacturing PMI, ECB’s de Guindos, Lane, Knot, Rehn & de Cos, Fed’s Clarida, PBoC’s Gang & RBNZ’s Bascand

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FTSE 100 Trading Signals, Forecast and Prediction
For today I am fully expecting that we get a decent bullish day. New month money, coupled with the positive start to the week in Asia and on the futures, off the back of the G20 US/China trade news, should see us manage to reach the 7529 resistance area today. Above this then the next area of note is another 100 points higher at 7630, with the top of the 20 day Raff channel at 7650 above that. If we break the 7530 resistance level then it is worth flipping long to target those levels.
[caption id="attachment_14910" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
There is however a gap at 7450 left behind after the futures spiked up so if we drop down to test this then a long here looks to be wroth a go. There is initial resistance at 7505 where we have a key fib level, and also the top of the 10 day Raff channel. As such, we may see a pullback from here as the market drops back a bit to let us enter a bit lower down. Friday's test of the 30min coral at 7406 was a decent hold, though it was a risky long to take at the time ahead of the G20, which could quite as easily gone the other way.
Below the 7450 level then I am looking at 7420 and 7381 again as supports, with the 25ema on the daily still untested and sitting at 7375 for the moment. I don't think we drop that low but a test of that line should act as support, though the longer we remain unresting it, the slightly weaker it becomes.
Not much more to say really, generally looks positive, watching 7505 7529 then 7630 as resistance, 7450 and 7420 as support. Thinking that buying the dip today is probably a good move to start the month off.
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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

1st July 2019

On Friday the FTSE 100 edged up 0.3pc to 7,425.63 points, a rise of 0.24pc for the week. US and European stocks rose amid hopes of a breakthrough on international trade as the G20 summit got under way in Osaka.

The highly-anticipated meeting between Presidents Xi Jinping and Donald Trump showed some progress on trade. Fund managers weren’t expecting much as the two leaders met Saturday at the Group of 20 summit in Japan. An agreement to resume negotiations has been welcomed by investors, with some seeing Trump’s decision to ease restrictions on Huawei Technologies Co. as a positive surprise. Asian stocks and US and European futures rose, with the FTSE 100 hitting the 7500 level we have been looking for. 7529 might well be seen later today and its setting up for a decent bull Monday.

Tory Leadership Race

Jeremy Hunt will seek to burnish his Brexit credentials Monday as he sets out his strategy for preparing the U.K. for a no-deal departure from the European Union The foreign secretary, who campaigned for the “remain” side in 2016’s referendum, will use a speech in London to lay out the plan, which includes preparing for a no-deal budget that will cut corporation tax and ease the burden for U.K. retailers.

Hunt, who is fighting frontrunner Boris Johnson to become the next prime minister, has regularly said his preference is to leave the EU with a deal. Still, he says he would consider taking the nation out of the bloc without an agreement if necessary, even if it hurts businesses.

Today's news highlights include JMMC and OPEC meetings, EZ & US Manufacturing PMI (Final), German Unemployment Rate, UK Manufacturing PMI, ECB’s de Guindos, Lane, Knot, Rehn & de Cos, Fed’s Clarida, PBoC’s Gang & RBNZ’s Bascand

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FTSE 100 Trading Signals, Forecast and Prediction

For today I am fully expecting that we get a decent bullish day. New month money, coupled with the positive start to the week in Asia and on the futures, off the back of the G20 US/China trade news, should see us manage to reach the 7529 resistance area today. Above this then the next area of note is another 100 points higher at 7630, with the top of the 20 day Raff channel at 7650 above that. If we break the 7530 resistance level then it is worth flipping long to target those levels.

[caption id="attachment_14910" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

There is however a gap at 7450 left behind after the futures spiked up so if we drop down to test this then a long here looks to be wroth a go. There is initial resistance at 7505 where we have a key fib level, and also the top of the 10 day Raff channel. As such, we may see a pullback from here as the market drops back a bit to let us enter a bit lower down. Friday's test of the 30min coral at 7406 was a decent hold, though it was a risky long to take at the time ahead of the G20, which could quite as easily gone the other way.

Below the 7450 level then I am looking at 7420 and 7381 again as supports, with the 25ema on the daily still untested and sitting at 7375 for the moment. I don't think we drop that low but a test of that line should act as support, though the longer we remain unresting it, the slightly weaker it becomes.

Not much more to say really, generally looks positive, watching 7505 7529 then 7630 as resistance, 7450 and 7420 as support. Thinking that buying the dip today is probably a good move to start the month off.

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