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Possible rise and dip today | bear Tuesday | 7607 7634 resistance | 7575 7534 support

#1 · 13th June 2023, 8:49 am

Quote from Nick on 13th June 2023, 8:49 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 analysis & prediction for 13th June 2023
The FTSE 100 finished in the green, rising 0.11pc to close at 7,570.69. The mid-cap FTSE 250 index rose 0.52pc to finish at 19,190.81. A fall in oil prices weighed down the commodity-heavy FTSE 100 index, which dragged down the likes of BP (share price down 1.65pc) and Shell (down 0.75pc).
Asian shares edged up in early trade on Tuesday, following an upbeat session on Wall Street while investors turned their attention to key U.S. inflation data and the Federal Reserve’s interest rate decision this week.
Investors will be closely monitoring U.S. Consumer Price Index (CPI) data, due to be released on Tuesday, and Producer Price Index (PPI) data, due out Wednesday, for a reading of how well the Fed’s tightening cycle has managed to curb inflation.
FTSE100 analysis
The bulls are still defending the drops while we hover around the 7600 area for the moment, awaiting the US CPI news today (1330), then also ECB rates and US interest rates tomorrow. The FTSE has initial resistance at the 7600 level again and R1 is at 7607 to start with. We also have the red 2h coral here for its first test, so I wouldn't be surprised if we get a dip and rise play out, at least this morning.
A drop down to test the now green 30m coral would fit the chart pretty well and support from that is at the 7575 level. I would like to see that level hold really, and the bulls to push on again later, towards the 7630 - 7640 level, which is the next major daily resistance and then a drop off from there back down to the 7600 level.
The S&P500 has strong resistance at the 4360 area with R1 and the key fib here, so a drop off from that would make sense, and in turn that may well pull the FTSE100 down too. We had the bull Monday yesterday so today may well follow with the bear Tuesday. The recent pattern has been strong Monday, weak Tuesday and Wednesday then rally Thursday and Friday. We may well see that yet again this week.
Below the 7575 level then the bears will be looking to the 7540 recent low, and we have the key fib and the S2 level at 7531. Below that then the 7500 round number would be the next key area.
Above the 7640 then the bulls will be aiming for the 7656 R3, but also ultimately to push on towards the 7700 round number.
As mentioned yesterday it's likely to be a bit of a choppy week this one. CPI news is out at 1330 today so we may well see buy the rumour sell the news play out as the markets hopes that inflation has dropped as per the forecasts. Core inflation (USA) is forecasted to have dropped to 5.3% from 5.5% previously, while YoY inflation rate is forecasted to drop to 4.1% from 4.9% previously. Once more rate rise tomorrow and then let the dust settle? If there is a recession next year there is more scope to then decrease rates too......
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 analysis & prediction for 13th June 2023

The FTSE 100 finished in the green, rising 0.11pc to close at 7,570.69. The mid-cap FTSE 250 index rose 0.52pc to finish at 19,190.81. A fall in oil prices weighed down the commodity-heavy FTSE 100 index, which dragged down the likes of BP (share price down 1.65pc) and Shell (down 0.75pc).

Asian shares edged up in early trade on Tuesday, following an upbeat session on Wall Street while investors turned their attention to key U.S. inflation data and the Federal Reserve’s interest rate decision this week.

Investors will be closely monitoring U.S. Consumer Price Index (CPI) data, due to be released on Tuesday, and Producer Price Index (PPI) data, due out Wednesday, for a reading of how well the Fed’s tightening cycle has managed to curb inflation.

FTSE100 analysis

The bulls are still defending the drops while we hover around the 7600 area for the moment, awaiting the US CPI news today (1330), then also ECB rates and US interest rates tomorrow. The FTSE has initial resistance at the 7600 level again and R1 is at 7607 to start with. We also have the red 2h coral here for its first test, so I wouldn't be surprised if we get a dip and rise play out, at least this morning.

A drop down to test the now green 30m coral would fit the chart pretty well and support from that is at the 7575 level. I would like to see that level hold really, and the bulls to push on again later, towards the 7630 - 7640 level, which is the next major daily resistance and then a drop off from there back down to the 7600 level.

The S&P500 has strong resistance at the 4360 area with R1 and the key fib here, so a drop off from that would make sense, and in turn that may well pull the FTSE100 down too. We had the bull Monday yesterday so today may well follow with the bear Tuesday. The recent pattern has been strong Monday, weak Tuesday and Wednesday then rally Thursday and Friday. We may well see that yet again this week.

Below the 7575 level then the bears will be looking to the 7540 recent low, and we have the key fib and the S2 level at 7531. Below that then the 7500 round number would be the next key area.

Above the 7640 then the bulls will be aiming for the 7656 R3, but also ultimately to push on towards the 7700 round number.

As mentioned yesterday it's likely to be a bit of a choppy week this one. CPI news is out at 1330 today so we may well see buy the rumour sell the news play out as the markets hopes that inflation has dropped as per the forecasts. Core inflation (USA) is forecasted to have dropped to 5.3% from 5.5% previously, while YoY inflation rate is forecasted to drop to 4.1% from 4.9% previously. Once more rate rise tomorrow and then let the dust settle? If there is a recession next year there is more scope to then decrease rates too......

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 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