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UK Inflation cools to 10.1% | 7929 7899 7880 support | 7984 8012 8034 resistance

#1 · 15th February 2023, 9:14 am

Quote from Nick on 15th February 2023, 9:14 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 15th February 2023
And the 8000 level gets hit overnight!
The FTSE 100 once again ended the trading day at a record breaking close. The blue-chip index closed up 0.08pc at 7,953.85 points, passing yesterday's high score of 7,947.60. Earlier the index was just points away from reaching the 8,000 landmark, but instead setted at a new intraday high of 7996.35. The FTSE 100 subsequently plunged to 7,947.60 before making a slight recovery.
Asian stocks slipped while the U.S. dollar held firm on Wednesday following U.S. inflation data and remarks from central bank officials that have investors worrying interest rates are going to be higher for longer.
The FTSE100 has finally seen 8000 but after hours, so may well try again during the session today, especially if the 7930 support level holds initially today. That said we still have a cluster of resistance just shy of it in play for today, with the 30m coral now red at 7986. R1 is just above at the 8012 level so should we see this we may well see the bears have a go here.
Overnight its dropped off 50 points as the S&P500 also dropped and failed to capitalise on its test of the 4170 level yesterday. That said, it's now dropped back to test the green 2h coral support at 4110 so could lend weight to an initial climb this morning.
UK inflation has just come in at 10.1% , down from 10.5% the previous month. I did moot the idea that we were at peak inflation around December time (hence the rush to get all the strikes in and payrises secured) and it does look like that is panning out. Could also lend weight to a slow down in the pace of rate increases as well, though it feels like they want to turn the screws a bit more first.
So, 7985 then 8012 resistance to look for initially. Above that then the 8034 R2 level is next up and I would actually still quite like a test of the 8050 level. The top of the Raff channels are quite high still, at the 8056 for the 20d and then 8071 for the 10d, with both heading up. The longer term trend remains bullish so on a zoomed out view, buy the dip is still the play.
Support wise, below the 7930 level then 7910 once again is in play, with the daily support level at 7880 below that. The bulls will certainly be keen to try and push this higher again though, whilst the bears will be cheered by the 50 point overnight drop. So selling appetite is there, just not very strong at the moment.
So, stay nimble again, and let's see if the S&P500 climbs off the 4110 level and pulls the FTSE100 up with it.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 15th February 2023

And the 8000 level gets hit overnight!

The FTSE 100 once again ended the trading day at a record breaking close. The blue-chip index closed up 0.08pc at 7,953.85 points, passing yesterday's high score of 7,947.60. Earlier the index was just points away from reaching the 8,000 landmark, but instead setted at a new intraday high of 7996.35. The FTSE 100 subsequently plunged to 7,947.60 before making a slight recovery.

Asian stocks slipped while the U.S. dollar held firm on Wednesday following U.S. inflation data and remarks from central bank officials that have investors worrying interest rates are going to be higher for longer.

The FTSE100 has finally seen 8000 but after hours, so may well try again during the session today, especially if the 7930 support level holds initially today. That said we still have a cluster of resistance just shy of it in play for today, with the 30m coral now red at 7986. R1 is just above at the 8012 level so should we see this we may well see the bears have a go here.

Overnight its dropped off 50 points as the S&P500 also dropped and failed to capitalise on its test of the 4170 level yesterday. That said, it's now dropped back to test the green 2h coral support at 4110 so could lend weight to an initial climb this morning.

UK inflation has just come in at 10.1% , down from 10.5% the previous month. I did moot the idea that we were at peak inflation around December time (hence the rush to get all the strikes in and payrises secured) and it does look like that is panning out. Could also lend weight to a slow down in the pace of rate increases as well, though it feels like they want to turn the screws a bit more first.

So, 7985 then 8012 resistance to look for initially. Above that then the 8034 R2 level is next up and I would actually still quite like a test of the 8050 level. The top of the Raff channels are quite high still, at the 8056 for the 20d and then 8071 for the 10d, with both heading up. The longer term trend remains bullish so on a zoomed out view, buy the dip is still the play.

Support wise, below the 7930 level then 7910 once again is in play, with the daily support level at 7880 below that. The bulls will certainly be keen to try and push this higher again though, whilst the bears will be cheered by the 50 point overnight drop. So selling appetite is there, just not very strong at the moment.

So, stay nimble again, and let's see if the S&P500 climbs off the 4110 level and pulls the FTSE100 up with it.

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