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Relief rally this morning with 6890 6932 6960 resistance | 6835 6825 6775 support

#1 · 20th July 2021, 11:03 am

Quote from Nick on 20th July 2021, 11:03 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 19th July 2021
Quite the sell off yesterday but I am feeling more positive for today and think that we could well see some upside today. We have had a bullish Tuesday in the past when we have had a bear Monday and today may well be the same. The key will be for the bulls to push past the daily pivot and overnight high at 6888 this morning though, as that opens up a rise towards the 6931 key fib level and possibly 6960 where we have R1 and the 200ema on the 30min chart. A drop from 6931 would fit well today though.
The bears will be looking to maintain the momentum though and need to break 6825 where we have the 30m coral as initial support though its not locked in as green just yet. 6825 is the key fib level as well and I would like to see this defended this morning, as a break of that will likely lead to 6791 where we have S1 for today.
A break of 6800 is pretty negative and sets us on a path towards 6500 in the short term (July/August time). Though of course we could still end the year strongly once the summer weakness has passed. 7500 is still possible.
Time will tell if yesterday was just a wobble (bear trap/profit taking/etc) or a proper change of sentiment as we have been steadily rising for a while now. For today though I am feeling positive that we will get above 6900, and am looking at 6930 to be tested. If the bulls were to break that then we should ultimately get a rise towards the 25ema on the daily chart at 7055 this week, though at that point we may well see a stutter. It would be the first test of the 25ema on the daily chart since it went bearish on Thursday.
Not too much more to say today, we may well see a bit more strength ahead of the ECB on Thursday though. Stay nimble and good luck today!
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Asian Session
A retreat in global stocks extended into Tuesday as the threat posed to the economic recovery from the spread of the delta coronavirus variant supported havens such as Treasuries.
Equities fell in Hong Kong, Japan and China, with cyclicals like energy and industrial stocks among the weakest performers in the Asian retreat. Apple Inc.’s move to push back its return-to-office plans due to virus flareups tempered an advance in S&P 500 contracts. The S&P 500 fell the most in two months overnight as the reopening trade reversed. European futures wavered.
Long-term Treasury rates were steady after spiraling Monday to their lowest since February, flattening the yield curve. Ten-year yields hovered below 1.2%. The dollar paused a three-day climb and the yen held gains.
Brent oil was steady after tumbling to an eight-week low amid a broader market rout on concerns about the impact of the Covid-19 resurgence on energy demand. Bitcoin fell below the closely watched $30,000 level.
Traders are trying to gauge how long a bout of growth angst and volatility driven by outbreaks of the delta strain will last, after becoming accustomed to retail investors buying dips in stocks. Officials are grappling with rising infections from Sydney and Jakarta to London, with the U.S. telling its citizens to avoid traveling to the U.K. because of the latter’s case spike. [Bloomberg]
Recommended Broker

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

FTSE 100 live outlook prediction analysis for 19th July 2021

Quite the sell off yesterday but I am feeling more positive for today and think that we could well see some upside today. We have had a bullish Tuesday in the past when we have had a bear Monday and today may well be the same. The key will be for the bulls to push past the daily pivot and overnight high at 6888 this morning though, as that opens up a rise towards the 6931 key fib level and possibly 6960 where we have R1 and the 200ema on the 30min chart. A drop from 6931 would fit well today though.

The bears will be looking to maintain the momentum though and need to break 6825 where we have the 30m coral as initial support though its not locked in as green just yet. 6825 is the key fib level as well and I would like to see this defended this morning, as a break of that will likely lead to 6791 where we have S1 for today.

A break of 6800 is pretty negative and sets us on a path towards 6500 in the short term (July/August time). Though of course we could still end the year strongly once the summer weakness has passed. 7500 is still possible.

Time will tell if yesterday was just a wobble (bear trap/profit taking/etc) or a proper change of sentiment as we have been steadily rising for a while now. For today though I am feeling positive that we will get above 6900, and am looking at 6930 to be tested. If the bulls were to break that then we should ultimately get a rise towards the 25ema on the daily chart at 7055 this week, though at that point we may well see a stutter. It would be the first test of the 25ema on the daily chart since it went bearish on Thursday.

Not too much more to say today, we may well see a bit more strength ahead of the ECB on Thursday though. Stay nimble and good luck today!

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Asian Session

A retreat in global stocks extended into Tuesday as the threat posed to the economic recovery from the spread of the delta coronavirus variant supported havens such as Treasuries.

Equities fell in Hong Kong, Japan and China, with cyclicals like energy and industrial stocks among the weakest performers in the Asian retreat. Apple Inc.’s move to push back its return-to-office plans due to virus flareups tempered an advance in S&P 500 contracts. The S&P 500 fell the most in two months overnight as the reopening trade reversed. European futures wavered.

Long-term Treasury rates were steady after spiraling Monday to their lowest since February, flattening the yield curve. Ten-year yields hovered below 1.2%. The dollar paused a three-day climb and the yen held gains.

Brent oil was steady after tumbling to an eight-week low amid a broader market rout on concerns about the impact of the Covid-19 resurgence on energy demand. Bitcoin fell below the closely watched $30,000 level.

Traders are trying to gauge how long a bout of growth angst and volatility driven by outbreaks of the delta strain will last, after becoming accustomed to retail investors buying dips in stocks. Officials are grappling with rising infections from Sydney and Jakarta to London, with the U.S. telling its citizens to avoid traveling to the U.K. because of the latter’s case spike. [Bloomberg]

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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