FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 16th November 2022
The news just out that UK inflation rose more than expected to hit 11.1%, the highest rate in more than four decades, saw a muted reaction on the FTSE100 to start with, as I was thinking that above estimates would see a dip down to the 7300 support level before a further climb. We may well see that though at the open despite the reaction not he futures. That data adds further weight to more sharp rises in interest rates though, with a further increase at the new meeting. 1% anyone?
Initial resistance is at the daily pivot and red 30m coral this morning at the 7360 level, with the R1 and key fib level above that at 7395. We still haven’t tested the 7465 resistance level that is the key line on the sand for the bulls to break, though should we see that this week I am still expecting a stutter there.
The Raff channels continue to head upwards, with the bottom of the 20d Raff channel holding yesterday at the 7320 level. 7323 is support from that again today, with the 10d Raff channel support slightly lower at 7270.
We haven’t tested the 25ema on the daily yet either which is usually a good line for a swing trade – that support is at the 7200 level so still steadily moving up. A test of that line during November is still highly likely to tee up the December rally.
Support wise today, we have 7300 looking like the key support for today as we have S1 and the key fib here. That is also just below the overnight low at 7304.
Below that then 7251 is S2 though I am not expecting us to get that low today and would like to see the 7300 level tested on any drop down.
The 2h chart has gone bearish after the drop triggered by the missile strike and has 7381 as Hull MA resistance. That is half way between the supports mentioned above so could get a reaction. Keep an eye on it anyway.
It looks like the missile attack is being downplayed so as to avoid an escalation of the war. NATO retaliation and articles 4 & 5 were being touted last night, and it looks like all parties want to avoid a ramping up and WW3! Of course, the argument that if Russia hadn’t invaded Ukraine in the first place is the elephant in the room…….
Good luck today.
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Nice drop off the 7398 resistance level playing out #FTSE #FTSE100