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Tight range for today with 6895 support and 6937 resistance | 6862 support | 6955 resistance

#1 · 23rd April 2021, 9:47 am

Quote from Nick on 23rd April 2021, 9:47 am
FTSE 100 live outlook prediction analysis for 23rd April 2021
A weaker pound and higher footfalls, which helped retail stocks, pushed the FTSE 100 higher to consolidate the previous session’s gains. It ended up 42.95 points at 6,938.24, just short of the 7,000 level it breached at the end of last week.

The pound fell 0.6pc against the US dollar to $1.385, wiping out the week’s gains as investors weighed up the outlook of Britain’s economic recovery ahead of retail sales and flash PMIs due today. The currency had strengthened against the dollar in the last few weeks, as US Treasury yields came down from recent highs and America’s currency weakened, hitting a six-week high earlier this week. The dollar pushed higher yesterday on improved weekly jobs figures.
Sterling was also down by 0.4pc at €1.153 against the euro, buoyed by the European Central Bank saying there were “clear signs of improvement” in the eurozone economy.
Capital Gains
Stocks look set to slip in Asia following broadbased declines in U.S. benchmarks as investors mulled a proposal for higher capital gains taxes. Futures pointed lower in Japan, Hong Kong and Australia. Speculation arose that traders may sell shares preemptively as Bloomberg News reported the Biden administration is considering a capital gains tax hike that could take the top rate for those earning $1 million or more as high as 43.4%. The dollar strengthened and Treasury yields dipped.
Crypto Crunched
Bitcoin declined for the sixth time in seven days, extending losses after Joe Biden's capital gains proposal. The slide pushed the cryptocurrency down as much as 8% to about $50,500, sending it below the low of $51,707 reached Sunday. U.S. investors already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.[Bloomberg]
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US & Asia Overnight from Bloomberg
Asian stocks fluctuated and futures rallied Friday following broad-based declines in U.S. benchmarks as investors weighed a proposal for higher taxes on the wealthy to help pay for President Joe Biden’s social plan.
Shares were steady in China and rose in Hong Kong. Weakness in Japan weighed on MSCI, Inc.’s regional gauge. U.S. contracts edged up after the steepest decline in five weeks for the S&P 500 Index on a Bloomberg News report that the Biden administration is considering raising the tax on capital gains to 39.6% for those earning more than $1 million a year.
Oil pared a weekly loss as traders considered signs of recovering demand in the U.S. and setbacks in key markets where spikes in virus cases are further constraining activity. Treasury bonds and the dollar dipped.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Despite the Biden tax announcement (though not really a surprise as it was in his manifesto!) the drop was defended by the SP bulls at near enough the 4120 recent low support level and we saw a modest bounce. The challenge now for the bulls is to break above the 4150 2 hour resistance level and that looks to be key to start with today. If they manage that then it should help the FTSE to climb past the 6925 2h resistance level as well.
Initially we have resistance from the 30m coral at 6916 and we may well see a small dip off this down to the 6900 round number support. The bulls will be keen to defend this level as a break of that likely leads down to the S1 level at 6883. We do have the Hull moving average on the 2h for support though at 6893 though we have prodded a bit below this a few times despite this being bullish support. Lower down we have decent looking support at the 6865 level and I would like to see this hold and set up a bounce otherwise we are going to get the 10 day Raff at 6830.
For the bulls, as mentioned 6916 initially, then 6924 above that. It does look bearish to start with though, so it will be worth watching to see if the main support around the 6900/6890 level will hold. R1 is at 6937 and tallies with the 6940 level we bounced too after the news yesterday. Above this then the 6960 level is the next one of note with a few resistance levels around 6955 to 6965 as you can see from the list above.
Usual Friday caveat applies - be a bit more cautious as it can be a weird one. Looking at a dip and rise to play out today though.
Good luck today and have a great weekend.
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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.
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FTSE 100 live outlook prediction analysis for 23rd April 2021

A weaker pound and higher footfalls, which helped retail stocks, pushed the FTSE 100 higher to consolidate the previous session’s gains. It ended up 42.95 points at 6,938.24, just short of the 7,000 level it breached at the end of last week.

The pound fell 0.6pc against the US dollar to $1.385, wiping out the week’s gains as investors weighed up the outlook of Britain’s economic recovery ahead of retail sales and flash PMIs due today. The currency had strengthened against the dollar in the last few weeks, as US Treasury yields came down from recent highs and America’s currency weakened, hitting a six-week high earlier this week. The dollar pushed higher yesterday on improved weekly jobs figures.

Sterling was also down by 0.4pc at €1.153 against the euro, buoyed by the European Central Bank saying there were “clear signs of improvement” in the eurozone economy.

Capital Gains

Stocks look set to slip in Asia following broadbased declines in U.S. benchmarks as investors mulled a proposal for higher capital gains taxes. Futures pointed lower in Japan, Hong Kong and Australia. Speculation arose that traders may sell shares preemptively as Bloomberg News reported the Biden administration is considering a capital gains tax hike that could take the top rate for those earning $1 million or more as high as 43.4%. The dollar strengthened and Treasury yields dipped.

Crypto Crunched

Bitcoin declined for the sixth time in seven days, extending losses after Joe Biden's capital gains proposal. The slide pushed the cryptocurrency down as much as 8% to about $50,500, sending it below the low of $51,707 reached Sunday. U.S. investors already face a capital gains tax if they sell the cryptocurrency after holding it for more than a year.[Bloomberg]

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US & Asia Overnight from Bloomberg

Asian stocks fluctuated and futures rallied Friday following broad-based declines in U.S. benchmarks as investors weighed a proposal for higher taxes on the wealthy to help pay for President Joe Biden’s social plan.

Shares were steady in China and rose in Hong Kong. Weakness in Japan weighed on MSCI, Inc.’s regional gauge. U.S. contracts edged up after the steepest decline in five weeks for the S&P 500 Index on a Bloomberg News report that the Biden administration is considering raising the tax on capital gains to 39.6% for those earning more than $1 million a year.

Oil pared a weekly loss as traders considered signs of recovering demand in the U.S. and setbacks in key markets where spikes in virus cases are further constraining activity. Treasury bonds and the dollar dipped.

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

Despite the Biden tax announcement (though not really a surprise as it was in his manifesto!) the drop was defended by the SP bulls at near enough the 4120 recent low support level and we saw a modest bounce. The challenge now for the bulls is to break above the 4150 2 hour resistance level and that looks to be key to start with today. If they manage that then it should help the FTSE to climb past the 6925 2h resistance level as well.

Initially we have resistance from the 30m coral at 6916 and we may well see a small dip off this down to the 6900 round number support. The bulls will be keen to defend this level as a break of that likely leads down to the S1 level at 6883. We do have the Hull moving average on the 2h for support though at 6893 though we have prodded a bit below this a few times despite this being bullish support. Lower down we have decent looking support at the 6865 level and I would like to see this hold and set up a bounce otherwise we are going to get the 10 day Raff at 6830.

For the bulls, as mentioned 6916 initially, then 6924 above that. It does look bearish to start with though, so it will be worth watching to see if the main support around the 6900/6890 level will hold. R1 is at 6937 and tallies with the 6940 level we bounced too after the news yesterday. Above this then the 6960 level is the next one of note with a few resistance levels around 6955 to 6965 as you can see from the list above.

Usual Friday caveat applies - be a bit more cautious as it can be a weird one. Looking at a dip and rise to play out today though.

Good luck today and have a great weekend.

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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