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Can the bulls defend 7600 today | 7582 7521 below | 7655 7675 resistance

ByFTSEDayTrader Limited
AuthorNick Hilsden
Published 07/06/2023, 11:08
UK100
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US500
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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't 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.

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