Technical analysis for FTSE 100 for 28th October 2024
Well here we go... budget week so buckle up.... For today I am thinking that we may well have a bullish bias (as it's Monday!) and buying the dip is the play. I am looking at the 8200 area as key support for today as we have the S1 and key fib here, and it's just above the 8193 daily support level as well.
If the bulls do defend any drops then a rise towards the main resistance level at the 8280 area would make sense and this looks to be a fairly key level today. We may well see some caution ahead of the budget to start the week as well so the bulls may be constrained in terms of pushing too high. 8280 has a cluster of resistance levels in play, but if the bulls were to break this then 8320 is the key fib and likely next stop.
Above that then the daily resistance level at the 8352 is next up.... possible that we get towards that level, especially if the USA bulls push on today.
The spanner in the works for the UK bulls is that the daily chart has got bearish moving averages now and resistance at 8285 on them - so again this level needs to break. The 10d Raff channel is also heading down after Fridays decline, though the bottom of the still ascending 20d Raff is at the 8205 level as well. I would like to see any drop down to this area to hold.
For the bears, below the 8200 area then ultimately they will be looking to drive it down towards the 8135 S3 level, as well as daily support at 8114.
However, I am more inclined to think that any drop towards 8200 will be defended well today.
Good luck today.
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