FTSE 100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE 100 analysis & prediction for 27th June 2023
The FTSE 100 closed 0.11pc lower at 7,453.58, while the FTSE 250 midcap index ended 0.49pc down at 17,974.67.
US stocks fell while government bonds advanced as traders unwound bets the Federal Reserve will cut interest rates this year.
Asian stocks shook off earlier losses on Tuesday, helped by assurances that Beijing would support flagging growth in the world’s second-largest economy, which helped investors shift their focus away from risks around interest rates and Russia.
FTSE 100 Technical Analysis
Nice bounce off the lower daily support yesterday at the 7400 level, which has seen near enough a 100 point climb since. Initial resistance today is at the 7500 area where we have the R1, 30m 200ema and the key fib, so an early rise to this may then see some profit taking and a drop down to test the daily pivot at the 7450 level.
With the rise, the 2h chart is now bullish and has decent Hull MA support at the 7440 level, so again lending weight to this area.
The S&P500 is also defending the supports and a rise to test to the 4360 area where we have the red 2h coral would fit pretty well. That may well help the FTSE100 put in a rise and dip pattern also, setting up a bit of bear Tuesday for later on.
Above the 7500 level then 7522 is the next level of note being daily resistance and just below R2 at 7526. As such, should the bulls push on early doors then we may well see a reaction here. A bit like the overshoot yesterday of the 7430 support down to the lower one. If they really push on then 7566 is the top of the 10d Raff and just below R3 7576 so I would expect a bearish reaction here.
With the Nasdaq dropping off, and a bit of a tech wobble taking place, we may see the upside limited a bit as a bit of fear spreads through things again.
Support wise, then below the 7450 daily pivot the bears would like to retest yesterday’s low at the 7405 level and today’s key fib at 7403. A break of this would get things a lot more pessimistic though and a possible slide ultimately down to the 7350 area where we have the next daily support.
So for today I am thinking that a rise and dip is likely to play out, on both the S&P500 and the FTSE100 and the main levels to keep an eye on are the 4360 and 7500, 7530 respectively.
Good luck today!
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