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Rise and dip possibly but 7860 7895 resistance | 7842 7810 support

#1 · 17th January 2023, 9:23 am

Quote from Nick on 17th January 2023, 9:23 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 17th January 2023
Asian stocks and US equity futures edged lower as traders digested data that showed China’s economy growing at the second slowest pace since the 1970s. An Asian equity benchmark dipped for the second day, with the Hang Seng Index down more than 1%. Contracts for the S&P 500 also fell, with US markets shut Monday. A gauge of global equities traded flat in a sign the rally that’s pushed it to the best start to a year since 1988 has stalled.
All fairly quiet yesterday with the US closed for a public holiday, however the algo's did their job and we got a nice gain on the S&P500 from the 3980 level. It's dropped back again though, failing to break 4000 under its own steam so far. Another go will be likely soon though.
For the FTSE100 we have now got a bearish 2h chart with resistance at the 7875 level, though I am thinking that we could well see an initial push up this morning, off the pivot again, for a run to 7895 where we have the daily resistance level. Just below this though we have the R2 level at 7888, and 7874 for R1.
After yesterday's lack of movement the resistance and support levels are quite tightly bunched for today, so I am more inclined to go with the slightly wider longer term levels, namely that 7895 for resistance and the 7840 area for support.
I am also watching the 3995 resistance level for today as think we may well get a reaction on that for the S&P.
Above 7895 then we should see R3 at 7906, and above that the bulls will be keen to push on. Given the hard work they made of breaking 7800 though we may well see a few tests of this resistance level before it properly breaks. As per yesterday's email the trend is still bullish for the moment.
For the bears, a break below 7840 would likely see a slide down to test S2 at 7824, then the round number of 7800, and with S3, key fib and the 30m 200ema here then it should in theory get a decent reaction.
German CPI has just come in as expected while I am writing this which has seen the Dax kick up to the pivot level. The bulls will be keen to break above this level though I am thinking that we could see a slide down to the 15025 level which would set up a better bounce.
Good luck today.
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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.
Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 17th January 2023

Asian stocks and US equity futures edged lower as traders digested data that showed China’s economy growing at the second slowest pace since the 1970s. An Asian equity benchmark dipped for the second day, with the Hang Seng Index down more than 1%. Contracts for the S&P 500 also fell, with US markets shut Monday. A gauge of global equities traded flat in a sign the rally that’s pushed it to the best start to a year since 1988 has stalled.

All fairly quiet yesterday with the US closed for a public holiday, however the algo's did their job and we got a nice gain on the S&P500 from the 3980 level. It's dropped back again though, failing to break 4000 under its own steam so far. Another go will be likely soon though.

For the FTSE100 we have now got a bearish 2h chart with resistance at the 7875 level, though I am thinking that we could well see an initial push up this morning, off the pivot again, for a run to 7895 where we have the daily resistance level. Just below this though we have the R2 level at 7888, and 7874 for R1.

After yesterday's lack of movement the resistance and support levels are quite tightly bunched for today, so I am more inclined to go with the slightly wider longer term levels, namely that 7895 for resistance and the 7840 area for support.

I am also watching the 3995 resistance level for today as think we may well get a reaction on that for the S&P.

Above 7895 then we should see R3 at 7906, and above that the bulls will be keen to push on. Given the hard work they made of breaking 7800 though we may well see a few tests of this resistance level before it properly breaks. As per yesterday's email the trend is still bullish for the moment.

For the bears, a break below 7840 would likely see a slide down to test S2 at 7824, then the round number of 7800, and with S3, key fib and the 30m 200ema here then it should in theory get a decent reaction.

German CPI has just come in as expected while I am writing this which has seen the Dax kick up to the pivot level. The bulls will be keen to break above this level though I am thinking that we could see a slide down to the 15025 level which would set up a better bounce.

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