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Dip rise dip today with 7990 to break | 7920 7890 support

By FTSEDayTrader Limited (Nick Hilsden)Market Overview2 hours ago (Mar 07, 2023 09:39)

Just a 50 odd point range in play yesterday but the dip and rise played out but with yet another test of the 7900 level. The bulls failed to push past the 7950 level really which keeps the 7990 level in play as key resistance for the time being. With R2 here today and just above the key fib level of 7979 if we get a rise to here then we may well see the bears appear. Feels like a bit of a short the rallies day, and a possible lower close later.

Initial support is at the the 7930 level with the daily pivot and the green 30m coral here, so it will be interesting to see if the bulls can keep the momentum going, at least initially. Below this then the bears will be looking at 7900 again, and with S1 at 7902 we may well see this hold. Below that though and the 7870 area looks to be very decent support with the key fib and S2 here, and just below the lower daily support at 7878. 7858 is also daily support slightly lower as well.

For the bulls if they can break the 7950 level then 7990 as mentioned, and a possible push above 8000 though feels a bit of a tall order today. That said the Raff channels have levelled off again, with the 10day channel arresting its decline that it had yesterday. As such is there a bit pot optimism creeping in for the beginning of March?

A lot will depend on the S&P500 of course, and we head towards NFP on Friday. Having pushed above the 25ema on the daily on Thursday it’s looking a bit more optimistic and the 2h chart remains bullish. 4066 is the red 30m coral so initial resistance there with the 4095 looking stronger above that. If it gets that high a short here looks to be worth a go as that is also the top of the 10d Raff channel. The 20d channel has resistance at 4070. 

The Dax40 is also bullish to start with and has 2h chart support at the 15600 level, and then daily pivot just above this at 15635. If the bulls are quick out the blocks then we may well see a rise towards 15750 before a drop off from here.

So, looking for an early hold of the 7920-7930 area on the FTSE100 and a rise towards 7990 before a drop off. 

Good luck today. 

Dip rise dip today with 7990 to break | 7920 7890 support

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