FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 analysis & prediction for 7th June 2023
Most Asia-Pacific stocks markets strengthened on Wednesday, as expectations for stimulus from China and overnight gains on Wall Street boosted the mood. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6% in late morning.
China’s equity indexes gave up some gains after poor trade data in May. The benchmark equity index was almost flat, while Hong Kong’s Hang Seng added 1%. China’s exports shrank much faster than expected in May and imports fell, albeit at a slower pace, as manufacturers struggled to find demand abroad and domestic consumption remained sluggish.
On Tuesday, China reportedly asked the biggest banks to cut deposit rates to boost the economy. Speculation of policy support for the troubled property sector has been lifting those shares over the past week.
FTSE100 analysis
Decent bounce in the end on the FTSE100 & S&P500 yesterday with the 4265 long working well on the latter. The FTSE100 decided to go a bit lower to test the 7555 level, but having now got firmly through and above the 7600 level, we need to crack the 7655 recent high. 7640-7655 is still the resistance zone for the moment.
If they manage that then a test of the 7675 area looks good for a short as we have the key fib and the R1 level here today. That should coincide with the S&P500 rising to the 4305 resistance level as well. We may well see a rise and dip play out today before some more strength/upside tomorrow as we head towards some further USA jobs data.
Consolidation of the recent rises is still playing out (the rise from Friday really), and as such we may well see “buy the dip” continue to play out. However there are also some decent resistance levels coming into play.
Above the 7675 level then the bulls will be looking at 7709 for R2, though that maybe a bit too far today and as mentioned we just have a bit more consolidation.
Support wise, then 7600 is the round number and 7615 for the daily pivot just above that. Should the bears have a crack though the 7595 looks possible, for another test of the 30m 200ema. The 2h Hull moving average are also positive after yesterdays climb from 7555, with 7618 support on that.
Below 7595 then the 7568 key fib is close, with S2 at 7521. Again, I don think we will get that low either and more consolidation around the 7595-7675 area would make sense before a push up tomorrow.
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
Keep up to date with new content, free sign up below with just your email address