Technical analysis for FTSE 100 for 12th November 2024
A decent bull Monday yesterday thought they failed just shy of the 8155 resistance, dropping from 8149 instead. That should set up a decent bear Tuesday for today, and a drop down to test the 8049 daily support during this session. Yesterday was buy the dip, today it's short the rallies...
Initial support is at the S1 level at the 8077 which is pretty much where we are as I write this, and a break of that will be on the bear's minds. 8063 for the key fib below that aligns with the recent low, so a possible overshoot to set up a double bottom would make sense. Longer term I can still see a rise going into year end so I am not expecting a massive sell off and moves below 8000 are likely to get bought up by the swing traders.
I would like to see the 8040 area hold today really as we also have S2 here.
Following this drop the 2h chart has gone bearish as you would expect with 8110 the Hull MA resistance for today on that. 8113 is also the daily pivot, so any rally to this area is worth shorting as the bulls try and break 8100 and may well fail. We also have the 30m red coral here to add some weight to it, and with the drop off from the 8150-60 resistance zone mentioned yesterday playing out well, then another leg down from a lower high would fit well.
8134 is the 200ema on the 30m above that if we were to overshoot, with the 8149 R1 level setting up a potential double top if we did have a more bullish morning.
The US is likely to pull the FTSE100 down today, along with the oil price dropping and thus weighing on the commodity heavy FTSE100. The S&P500 will likely see some more profit taking if the bears get it below the 6000 level. Gold also continuing to slide as money cycles out of that and into BTC and indices for the "Trump trade".
Good luck today
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