Technical analysis for FTSE 100 for 18th November 2024
Will we see a bull Monday in light of the US decision to ramp up the Ukraine v Russia situation with the approval of long range missiles? As one would expect gold has risen sharply in light of the news, though the S&P500 has remained upbeat so far.
For the FTSE100, I think that the bulls will try and maintain the momentum for the time being in light of the news, and the 8060 area is decent support to start with as we have the 30m 200ema and daily pivot in this area. If it does hold and we get a climb then they may get it up to the 8133 resistance level, which looks good for a short if they do.
Below the 8060 level then 8033 is next up as 2h support is here with the green coral support here, and then 8008 below that with the key fib. If the bears do wrestle control from the bears then keep as eye on these two levels for reactions.
Ultimately though they will be looking to break below the 7995 that we bought at recently, as that would lead to a test of the 7940 daily support. This level would be worth a long if it did that low though I don't think it will today.
Upside wise, 8113 is the key fib initially then the 8133 level mentioned. A bearish reaction here would make sense, but if they were to break above this then 8170 is R3, and we remain on the path to the 8250 area which is the next daily resistance area of note.
Not too much more to say so keep an eye on those levels and good luck today.
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