Technical analysis for FTSE 100 for 21st November 2024
The bulls are hanging in there on the FTSE100, with buy the dip in evidence again. However they continue to struggle to pull away from the 8100 area and need to break 8160 to target the 8200 level today. The bounce from 7995 has played out well though but they really need to defend the supports still. The first one of which for today is at the 8100 area with the 8096 30m green coral, and the daily pivot at 8103.
I am thinking that we may well see a rise and dip play out today, especially as we head towards the 1330 US jobless claims data, forecasted at 220k. Maybe buy the rumour, sell the news playing out.
If the bears were to break the 8096 level though then 8070 is next up where we had yesterdays low, and then the 8052 once again with the key fib here today. 8043 is also S2 so should we drop down to here then I would like to see this hold (as would the bulls I suspect!). The 2h S&P500 chart is more bullish than the FTSE100 and that should help the FTSE100 to get more bullish if the US plays ball.
Talking of 2h charts, the FTSE100 is bearish still, but the longer the price remains above the 8100 level then it may well flip to bullish, possibly today if we have a decent upward session.
Resistance wise, above the 8162 level then the 8194 is R3 and the top of the 20d Raff channel so we may well see a stutter here if we get that high. Higher still the 8250 daily resistance area remains in play as well.
The Dax40 and US markets look like they will also get a rise and dip play out today and I am looking at the 19234 and 5950 resistance areas respectively on them.
Good luck today and let's see if the bulls can build on the 8100 area, at least this morning.
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