Technical analysis for FTSE 100 for 28th November 2024
Yesterday played out well with the 8280 resistance and 8240 support both getting the reactions ahead of the US Thanksgiving Holidays today and tomorrow. The bulls have managed to continue the bounce form 8240 overnight so continue to trail the stop on that long as they will still want to target the 8320 area again.
For today I am thinking that we will get a rise towards the 8319 key fib and we also have the 2h Hull MA at 8315 as resistance. It is also likely to be a slightly slower day with the US closed, but a rise and dip would make sense today. Initially the bulls need to break R1 at 8292 that has also held as resistance overnight.
Above 8320 then the 8375 daily level is the next major area of note though that's probably a bit of a big ask for today, and I am fully expecting 8320 to cap proceedings.
Support wise the 8265 area looks good to start with as we have the daily pivot and its just below the green 30m coral. Generally it's starting to look more bullish again, and the 10d Raff channel is also heading upwards now, as is the 20d. The key for a bullish start to December will be if the bulls can get the 2h chart bullish as well.
Below the 8260 level the 8248 is the 30m 200ema, and then 8220 below that where we have S2. Also note that the 25ema on the daily remains to be tested and that has moved up to 8195 now, so should we test this line then a long here is worth a go. Also a good swing entry again for the Santa Rally and a possible year end climb. 8600 year end anyone?
So, with the US closed I expect it will be a more subdued affair today. Keep an eye on 8265 and 8320 as the range again.
Good luck today.
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