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Rise and dip again with 7950 still a magnet | 7964 7994 above | 7899 7862 support

#1 · 9th February 2023, 10:17 am

Quote from Nick on 9th February 2023, 10:17 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 9th February 2023
Most Asian shares tracked Wall Street lower on Thursday, as a number of Federal Reserve speakers echoed Chair Jerome Powell in saying that interest rates are set to go higher, capping risk sentiment, while the dollar hovered near one-month highs.
Chinese shares, on the other hand, outperformed as jitters around the spy balloon incident abated and some analysts upgraded growth forecasts for the world's second largest economy.
Risk appetite looks set to rebound in Europe.
Got the rise and dip play out yesterday with the Dax putting in a decent performance off the 15375 long area. The FTSE100 managed to push past the stubborn 7915 level to test 7935, just shy of the 7950 resistance level which is also showing up as key today with the fib level here.
As such we may well see a rise and dip yet again, and the bulls push up from the daily pivot at 7900. It's still very close to the 8000 level and is valiantly hanging onto this 7900 area, probably just to spite the bears!
7928 is R1 and with yesterday high just above this, that is the first level for the bulls to break above, to test the 7950 mentioned. Above that them 7965 is R2 and 7994 for R3 - so we are certainly getting a bit of bunching and a breakout will happen soon.
The news focus in the short term will be the US jobless claims out later, and UK GDP tomorrow morning.
Support wise, the daily pivot is in play to start with and the round number of 7900. Below this then the 30m 200ema is at 7870 and will likely hold on any dip today, also coinciding with yesterday's low, and just above S1 at 7863.
Should the bears break below this then the next area to watch is the bottom of the 10 day Raff channel and S2 at 7830. The bulls will certainly be keen to see this hold if it got that low.
With the drop off the 7935 level the 2h chart has gone bearish again, and has 7910 resistance to start with, so it will be interesting to see off the bulls can push through this initially.
Good luck today, looks like another rise and dip on the cards!
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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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Daily Analysis pre market open (sent around 7am each day) for FTSE100, DAX40, Gold and S&P500.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 9th February 2023

Most Asian shares tracked Wall Street lower on Thursday, as a number of Federal Reserve speakers echoed Chair Jerome Powell in saying that interest rates are set to go higher, capping risk sentiment, while the dollar hovered near one-month highs.

Chinese shares, on the other hand, outperformed as jitters around the spy balloon incident abated and some analysts upgraded growth forecasts for the world's second largest economy.

Risk appetite looks set to rebound in Europe.

Got the rise and dip play out yesterday with the Dax putting in a decent performance off the 15375 long area. The FTSE100 managed to push past the stubborn 7915 level to test 7935, just shy of the 7950 resistance level which is also showing up as key today with the fib level here.

As such we may well see a rise and dip yet again, and the bulls push up from the daily pivot at 7900. It's still very close to the 8000 level and is valiantly hanging onto this 7900 area, probably just to spite the bears!

7928 is R1 and with yesterday high just above this, that is the first level for the bulls to break above, to test the 7950 mentioned. Above that them 7965 is R2 and 7994 for R3 - so we are certainly getting a bit of bunching and a breakout will happen soon.

The news focus in the short term will be the US jobless claims out later, and UK GDP tomorrow morning.

Support wise, the daily pivot is in play to start with and the round number of 7900. Below this then the 30m 200ema is at 7870 and will likely hold on any dip today, also coinciding with yesterday's low, and just above S1 at 7863.

Should the bears break below this then the next area to watch is the bottom of the 10 day Raff channel and S2 at 7830. The bulls will certainly be keen to see this hold if it got that low.

With the drop off the 7935 level the 2h chart has gone bearish again, and has 7910 resistance to start with, so it will be interesting to see off the bulls can push through this initially.

Good luck today, looks like another rise and dip on the cards!

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