Technical analysis for FTSE 100 for 13th November 2023
Shares in Asia gave up early gains while falling US futures partly unwound a Friday rally, ahead of crucial inflation data and a meeting between Joe Biden and Xi Jinping later this week. Equity benchmarks in Japan, South Korea and China traded within narrow ranges. A region-wide stock gauge was flat after trading 0.5% higher earlier in the session. Futures for the Euro Stoxx 50 were little changed and those for the S&P 500 index fell 0.4%, partly retracing a 1.6% gain Friday. Markets are closed in Singapore and Malaysia for a holiday.
Stocks in Asia rose on Monday while Treasuries and the dollar kept their composure, as investors took their lead from Wall Street’s Friday rally, shrugging off a Moody’s downgrade to the U.S. credit outlook.
Tech stocks stood out, as they had in the U.S. at the end of last week, after the calming of long-term Treasury yields since the start of this month boosted the outlook for borrowing-dependent growth shares.
FTSE 100 technical analysis for today, 13th November 2023
Quite the sell off on Friday managing to get as low at 7320 but the bulls fought back once again and will be looking to get a rise towards the 7432 level today. With R1 and the key fib here then we may well see the bears appear here, and another leg down to test the support for today at the 7330 level.
The 2h chart is bearish again after that drop on Friday and 7390 is initial resistance on that, pretty much where we are at 7am this morning. We also have the 200ema on the 30m here at 7397 so the bulls will need to be quick out the blocks this morning to keep the momentum going.
Above the 7436 level then 7478 is R2, and 7500 for a test of the daily red coral line. That would be the first test of that since it changed colour, so the bulls will have a bit of a job to break through that on the first test.
I feel like the 7435 level will hold as resistance though and that we will get a rise and dip play out, before some more bullishness later on, most likely helped by the US markets.
Oil is holding steady around the $80 area and that is rolling through into Shell & BP and effecting the FTSE100 and tempering the rises at the moment. That said, I am still thunking that we will see a strong year end. The 10d Raff channel is heading up still, and the 20d isn't heading down as steeply.
Generally today we should see a bull Monday - and the dip and rise will likely play out.
Below the 7320 level (Fridays low) though and the bears will be aiming for 7273 for S2. I don't think we will get as low as S3 at 7227 though....
Good luck today.
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