FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 29th November 2022
A gauge of global equities advanced, led by a rebound in Chinese stocks as nationwide unrest over Covid curbs eased. The dollar and Treasuries fell amid improved sentiment for risk taking.
The bulls defended the 7420 level well yesterday and will be keen to build on that today and for the rest of the week. However we have initial resistance at 7510 this morning, and then more key resistance at 7540 above that. The 2h chart is bullish now as well, with 7487 as Hull MA support.
However the S&P500 is looking a bit weaker to start with and has 2h resistance at the 4030 level from both the red coral and the Hull MA. As such we could see a rise and dip on that which may filter through to the FTSE100 as well. That could tie in with the 7540 level, and possibly even a push up towards R2 at 7585 where we have R3.
Support wise for the FTSE100, the daily pivot at 7464 ties in with the green 30m coral and also the 200ema 30m, so should hold on any early test, especially if we do get an initial dip down off the R1 and daily level at 7510.
The ASX200 had a strong uptrending day and its possible that we may well do the same today, and avoid a bear Tuesday while we are at it. The pace of interest rate rises are still in the foreground really and what is driving things at the moment, with the hope that we are past peak inflation though the ECB think not! We also have Powells (Fed) speech tomorrow evening for further clues.
Below the 7460 level then 7418 is the key fib and aligns with the 7420 level that held yesterday. In theory that would hold again for a double bottom bounce.
Not too much more to say really, keep an eye on the 7540 and 7580 levels, 7460 support.
Good luck today.
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