FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 28th September 2022
The doom and gloom continues apace and continues to weigh on sterling and the FTSE100 which has now dipped below the 7000 level again as the seasonality of a weak second half of September continues. We may well see a bit of a rise and dip play out today though as the bulls will be keen to defend the overnight lows on both the S&P500 and the FTSE100.
As such I am thinking that we may well get a rise towards the daily pivot at the 6993 level first thing. If the bulls were to break above this level then we could get 7050 where we have R1 and also a test of the 200ema on the 30m chart. Above 7050 then 7102 is the top of the 10d Raff channel and a level worth keeping an eye out for.
For the bears, they will be looking to break below the overnight lows at the 6890 level, though we have regained some ground just above S1 at 6917 so far this morning.
The bulls will basically need to be quick out the blocks today to have a hope of pushing it higher to start with.
More fears over interest rates with 5.5% mooted for November. Seems a bit high, as its already starting to trigger a panic mode in the housing markets with mortgages being pulled already. Oil has dropped off further which should filter into tempering inflation for the moment (energy still the big driver of inflation) though the Nordstream gas pipeline “attack” drove gas prices higher yesterday. The punches certainly keep coming for the new PM!
If the bears were to break below the 6890 level then we are looking at a slide down towards the bottom of the Raff channels again, around the 6800 (or just below) area. That maybe a bit too pessimistic for today but the time is certainly getting closer when it will be time to start some swing longs. Negative and pessimistic MSM, FTSE sliding but seasonality for a kick up win October bodes well. Best thing would be a hold on the rate rises for the next two months to give things a change to calm down, and let the recent rises have an effect on inflation rather than stoking fears about what lies ahead! Or maybe that’s the plan!?
Anyway, looking at a rise and dip to play out today and a bullish morning looks possible.
Good luck today.
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