Bulls need to break above 7365 today for 7400 7431 | 7335 7320 7300 support | Steadying economic growth in China

Bulls need to break above 7365 today for 7400 7431 | 7335 7320 7300 support | Steadying economic growth in China

FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

The FTSE 100 ended the week on the back foot, dragged  lower by drugmaker AstraZeneca following its profit miss, while commodity-linked stocks slipped as a stronger dollar dented metal and oil prices. The index closed 0.5pc lower but is up slightly over the week. A near 3pc fall in mining stocks and energy shares nudging down weighed on London’s commodity-focused blue-chip index.

Stocks were mixed Monday amid data showing steadying economic growth in China as well as ongoing challenges in the nation’s troubled property sector. Treasuries were steady and the dollar slipped.

Shares fluctuated in Hong Kong and dipped in China as traders weighed stronger-than-expected retail sales and industrial output, central bank liquidity support and a drop in home prices that hurt real-estate shares. Japanese equities gained, with stimulus plans softening the blow of an economic contraction. European, S&P 500 and Nasdaq 100 futures moved in tight ranges.

Global Compromises 
Delegates from almost 200 countries agreed to reduce the use of coal, end “inefficient” fossil-fuel subsidies and boost their climate targets sooner, as United Nations COP26 climate talks wound up. The Glasgow Climate Pact puts the world, barely, on a path to limit the rise in global temperatures to 1.5°C and punts the hardest decisions into the future. But China and India made last-minute objections, seeking the language on coal to be watered down. Success rests on the huge assumption that the biggest polluters — especially China, the U.S. and India — will follow through on their promises to zero out their emissions over the next decades.

FTSE 100 live outlook prediction analysis for 15th November 2021

The FTSE100 continues to drop back from the 7400 level and we now have the daily support level of 7320 coming into play, if the bulls were to take it below the 7340 support first thing this morning. If the bears were to break 7320 then the bears will be looking to take it to the key fib and round number at 7300, and things may well continue to get more bearish. S2 is at 7291 and then the bottom of the Raff channels at 7280 and 20d at 7270. As such, should drop down to this area then a long here is worth a go.

Key support on the S&P500 is at the 4657 level to start with today where we have 2h support, and also aligns with S1, 30m coral and the 200ema 30m. If the bears were to break below this then the seasonal weakness that we get around this time may well continue for a bit longer. Not he other hand, the Santa Rally may well start to materialise soon for the year end bonus pump.

The ASX200 had a bullish Monday and we could see the same if the oil/gas sector has a bit of a recovery after Friday’s drop in that sector. The ASX200 is also commodity heavy.

The bears will be helped by the fact that the 2h chart is bearish with 7365 resistance, and with the daily pivot and a now red 30m coral also at this level we could see this act as resistance this morning. The bulls will of course be keen to break that as they would like to retest the 7400 level though we may well need more momentum to push past that. The daily charts remains bullish though, and above there we have the 7430 and then 7475 area as the next levels of note.

The daily RSI’s are still on the high side so there is scope for a bit more of a drop back before the possible year end strength kicks in, though with the 2h chart for the S&P500 now bullish, and the key support of 4645 holding steady on Friday we could see the bulls stay in control. A bit more consolidation to reduce the overbought and then the bulls will be back on the front foot.

So, looking at the 200ema 7335 and then 7320 as the main supports, with 7365 and 7400 as the main resistance levels for today on the FTSE100.

4655 as the main support on the S&P500, and buy the dip may well remain as the preferred play on that.

Good luck today.


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