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FTSE100 live outlook prediction analysis for 29th March 2023
Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba’s stock soared on the internet behemoth’s plans to split into six units.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while Japan’s Nikkei advanced 0.49%.
Looking a bit more optimistic for today with the bulls looking like they want to recapture the 7500 level. The ASX200 put in a decent shift with a rise today and we may well follow suit. After the bearishness of last week a bounce is probably due. The S&P500 will also be looking to break above the 4000 level and make it stick as that then brings 4040 into view.
Initial resistance today is at R1 7513 so we may well see a rise to there to start with, then a drop back down to test the support and daily pivot at the 7474 area. If that holds and the bulls do take control then ultimately I am still looking for a rise to test the daily level at 7590.
If the bears break below 7474 though then the 7438 S1 level would be next up and the bulls would also be firmly on the back foot as the bears would probably try and drive it lower. We also have the key fib at 7428 for today. 7407 is then S2 and near enough to the 7400 round number that you would expect a reaction if it got that low. I don’t think it will but you never know!
If the bulls can break the 7513 level to start with then it may well turn into a bit of a trending day with that 7590 the target through it feels like we are moving back into buy the dips mode. The S&P500 is certainly looking like it wants to get some more upside, and we have that seasonality to bear in mind as mentioned on Monday. Mid march lows then up we go…..
Not much on the news front today either so looking at it from a charting perceptive we have bullish 2h charts across the board, gold front running once again as it continues its slide from the 2000 level and now I am back from holiday the markets can calm down 🙂
Not too much more to say really. Good luck today and look to buy the dips.
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