The bears had a go off the 7835 resistance level yesterday, managing to just pop below the 7800 before the bulls fought back once again. As such that keeps alive the prospect of a rise towards the 7900 area and the all time high, though with NFP news out today at 1330 we may have a bit of a choppy one. The forecast is 185k jobs added, versus 223k previously, with the unemployment rates increasing to 3.6%. News is out at 1330 so expect the movement then!
Initially today the bulls will be looking to push it up and break above the 7835 level which then opens up a test of the 7875 area where we have a cluster of resistance levels, including a test of the top of the 10d Raff channel. As such, should it reach this level I would like to see a drop off from here, though it may only be a little one.
The bulls will certainly be keen to defend the 7800 level anyway for the moment. Above the 7875 level then R3 for today is at 7906 and we start getting into some really key long term resistance - the all time high being the main thing! As such the bulls will certainly need some strong momentum to continue pushing up. Despite the increase in interest rates and further squeezing of peoples expenditure the FTSE100 continues to rise. Mainly as its so miner/energy biased and as you saw yesterday with Shell (LON:RDSa)'s results that adds to the strength. Cable continuing to decline also helps the FTSE100 to rise as the main constituents of it earn in dollars.
For the bears, they will be looking to break that 7800 level as we have the daily pivot for initial support at 7805. Below that though the next support is at 7990 with the 30m 200ema here, and just below the 2h Hull MA. Lower down, 7760 area looks decent with the key fib here, and also splitting S1 at 7771 and S2 at 7738.
The ASX200 had a decent performance today, generally being quite bullish so it will be interesting to see if we follow suit.
As its NFP Friday it's worth being a bit more cautious today in terms of risk - lower stakes for example.
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NFP Friday with 7835 7875 resistance in play
Published 03/02/2023, 08:23
NFP Friday with 7835 7875 resistance in play
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