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FTSE100 live outlook prediction analysis for 16th February 2023
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Asian equities slipped on Friday, while the dollar hovered around six-week highs as economic data and hawkish comments from Federal Reserve officials revived fears that the U.S. central bank will stick to its monetary tightening path.
Data from U.S. Labor Department overnight showed monthly producer prices accelerated in January, while a separate report from the agency showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week.
U.S. stock indexes ended Thursday sharply lower as the economic data from the week underscored a sticky inflation and an economy that remains relatively strong.
Bit more selling pressure yesterday and the bulls failed to break the 8050 level as expected. That said, the dip down to 7980 got bought back up, but we are back here to start the day. The trend remains up, but with yesterday’s drop the 2h chart has gone bearish and has 8025 as resistance. This is also a daily resistance level so will be the first hurdle that the bulls need to push above. 8013 is also he now red 30m coral for closer resistance though an overshoot of this is possible.
If they do break above 8030 then that opens up the 8052 resistance level as the next one, with the 8073 R2 level above that. They will of course be looking to end the week on the front foot though with the S&P500 2h chart also bearish and locking in 4126 as strong resistance they might not be able to push too high today.
For the bears they will be looking to break below 7970 where we have 2 decent supports with S1 and the 30m 200ema here, and as such any drop down to here may well see a bounce.
Below that 7965 daily support level then they will be going for a test of the 10d Raff at 7933, though that maybe feels a bit pessimistic for today. We shall see – its a Friday so can’t really rule anything out as they are more often than not a bit strange!
It does look like we will get a dip and rise day looking at the FTSE100, Dax40 and S&P500 as they are all coming into decent supports at 7970, 15385 and 4050 respectively. So a rise from them up to the resistance levels and then some profit taking ahead of the weekend would fit pretty well.
Not too much more to say really, we have a few decent levels in play again today, but the bulls will be keen to push and hold above 8000 again to end the week strongly.
Good luck today and have a great weekend.
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