FTSE 100 tips for trading, analysis & prediction for 29th June 2023

Useful tips for trading today – Asian shares were subdued on Thursday after global central banks reaffirmed their inflation-fighting resolve, warning rates may need to rise further, while the yen and the Chinese yuan struggled to lift from lows amid fears of official intervention.

Overnight, U.S. shares were mixed. The Nasdaq managed a small gain with support from tech stocks, with Apple registered a record closing high, while the Dow closed slightly lower.

At a European Central Bank forum on Wednesday, Federal Reserve Chair Jerome Powell said the Fed will likely raise rates further and did not rule out a a hike for July. Notably, he said he did not see inflation abating to the 2% target until 2025. Futures see about an 80% chance the Fed will raise interest rates by 25 basis points in July, before holding rates steady for the remainder of the year.

FTSE 100 tips for trading, outlook and prediction

The rise yesterday faltered just shy of the 7520 resistance area (7518 high) and that remains as resistance for the moment with the 7545 level above that still looking key.

I am thinking that we will get a dip and rise play out today as the S&P500 looks like we may see a bit more of a slide off the 4390 resistance level and a test of the 2h Hull MA would make a lot of sense at the 4360ish area. 4352 is also the now green 2h coral line for extra support in this area. The bulls will likely defend any drop first thing and this area looks good for a bounce.

That may well tie in with the FTSE100 defending any drop down to the 7450 area, as we have decent support here as well. S2, the 2h Hull MA and the 2h coral (also now green as with the S&P500) are all in this area. Also the pattern lately has been to see some strength come in on the Thursday and Friday.

Initially though we may see a bit of a bounce up to the 7527 R1 level as the early bulls defend the 30m 200ema support line at the 7492 level. We are also just below the daily pivot here. That would also then facilitate a test of that daily resistance at the 7520 level that we just missed yesterday.

Above the 7520, then 7545 as mentioned, with 7573 above that for R3. That would also bring the other daily resistance level in at 7581 into view though these higher levels may be a big ask for today.

Can the bears roar?

Support wise, 7490 as mentioned, and I am looking for a drop down to the 7450 level ideally. Below that then the bears will get a bit stronger and a drop down to test the 7406 level once again that we saw on Monday. However, we have had three green daily candles now, and the bulls have managed to build on the rise though yesterday’s candle didn’t have as long a tail as Monday and Tuesday.

On the news front the main one is the USA GDP growth rate QoQ final – forecast at 1.4% versus 2.6% previously – at 1330 the afternoon.

So, looking for a drop down to the various 2h support levels across the board – FTSE100 7455ish, Dax40 15820ish, S&P500 4360ish – and then a climb this afternoon.

Good luck today.

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