Technical analysis for FTSE 100 for 25th November 2024
Bull Monday kicking in early with almost an overnight test of the 8330 resistance level, dropping off from 8320 instead. It feels like Friday's plan of buying the dips will roll into this session as well, and I am still expecting a decent end to November with the bulls in charge. With the overnight move up it has left a gap at 8275 which we have already dropped back too, but this move has also led to a breakout above the 20d Raff channel, lending further weight to the bullish charge.
8324 is the top of the 10d Raff and as such that will be the level that the bulls will be looking to break above today's as it then leads to a test of the next key daily resistance level at 8375.
If we do get a dip down below the gap level at 8275 then I would be looking for it to manage the daily pivot at the 8241 level, and a long here is worth taking for a rise back to 8300+. Lower down, then the Hull MA is 8225 and has a very clean bullish set up, so I would expect any test of this to hold, and should get a decent a reaction.
If the bulls can stay in control today then we may well see the daily Moving Averages cross to bullish and that would lock in the 8175 area as daily support ready for the year end Santa Rally push. History may well show that it started at the 7995 level the other week....
The US is certainly remaining positive and reports that Israel and Lebanon are close to an agreement may well add fuel to the bulls as well. Just Ukraine to go!
Above the 8375 level then the next level of note will be the round number at 8400, with R3 at 8420 today above that. I don't think we will be testing that high today though.
So, keep an eye on the 8241 and 8225 levels as the main supports, 8300 and 8325 as the main resistances.
Good luck today.
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