Technical analysis for FTSE 100 for 29th November 2024
Fairly lacklustre day yesterday as per usual when the USA is closed, however the 8240 long tickled up towards the 8310 target area. The bulls failed to hold onto the 8300 level and we have seen another drop back overnight to test the 8260 support level. The bulls will be looking to defend this to start with today as we have the 30m 200ema here, and if they manage to do so then a rise once again towards the 8305 area may well pan out.
The US will have a half day today as well so bear that in mind so will be lower volumes again.
8305 is looking like decent resistance ahead of the weekend with the Hull MA here on the 2h chart and that would also be the first test of that line since it went bearish. As such a short here is worth a go as we may well see some caution ahead of the weekend once again. Above 8305 though and we are looking at a rise towards the 8343 key fib with the 8388 daily level above that. Might be a big ask to get that high on a Friday though.
Below the 8260 level and the bears will be aiming for the 8239 level being the recent low and bounce point, with the 25ema on the daily at 8204 below that. Once again as mentioned yesterday if we test that line it's worth a long here for a swing up and a possible Santa Rally still.
The 2h S&P500 chart is also bearish with 6030 resistance so I am thinking that should we get a rise to test that it would be worth a short here - a rise and dip ahead of the weekend and on low volume would pan out well.
Not too much more to say really, look for 8260 and 8240 as supports to start with, 8305 as resistance.
Good luck today and have a great weekend.
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