Technical analysis for FTSE 100 for 15th November 2024
Nice defence of the 7995 level continued yesterday as the bulls managed a climb to the 8080 level but we have since dropped back, and we may well see a dip lower still. Initial support today is at the 8020-8030 level so the bulls will be keen to defend this to start with and if they manage that then we may well see a climb to test the 8105 area where we have the key fib for resistance. 8090 is also R1 so I would expect to see a stall on the first test of this area.
Above that then the 8130 level is next up and likely to see a bigger reaction should it get that high today. That is daily resistance and also R2. As it's Friday the bulls may well be keen to bank profits on this bounce ahead of the weekend so a drop down towards the end of the day would fit the charts well.
Below the 7995 support level then the bears will be aiming for the next daily support at 7940 and just above S3 for today. As such should it get to this area then its worth a long as we may well see a bounce from here.
UK news is out at 7am and most has just come in below forecasts, though 1330 sees the USA news for retail sales so expect some more volatility then. It's still a coin flip what the December rate decision will be and I wouldn't be surprised if they hold - both Fed and BoE.
Generally looking for a bit of a rise and dip pattern today and keep an eye on 8100 and 8130 for resistance, 8020/30 and 7995 support.
Good luck today and have a great weekend.
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