Technical analysis for 12th November 2026
Global financial markets begin Thursday with a mixed but increasingly interesting outlook. Technology shares have staged another recovery on Wall Street, the DAX is approaching record territory, and fresh UK economic growth figures have provided some encouragement for the domestic economy.
However, the stronger US dollar and expectations of further Federal Reserve interest-rate increases are creating renewed pressure on Gold.
The most important developments this morning are the UK's stronger-than-expected economic performance, the recovery in AI-related shares and the continuing decline in oil prices.
The FTSE 100 faces a potentially interesting session as investors assess whether better economic growth is sufficient to offset concerns about higher UK borrowing costs.
Meanwhile, the S&P 500 is attempting to rebuild confidence following last week's severe technology-sector correction.
The technical picture has improved since yesterday. The FTSE has recovered above its daily pivot and both short-term daily moving averages, while the 30-minute chart shows a clear sequence of higher highs and higher lows. However, the index is now approaching R2 and daily resistance around 10888 - 10906, making this an important decision point for the morning.
My prediction today is cautiously bullish, with an initial test of 10888 and the potential for a small extension towards 10906 if buyers maintain control, with 10955 R3 above that. There is a potential also for a retest of the recent high at 10980
I favour buying a confirmed pullback rather than chasing the FTSE directly into resistance.
Today's bias: Bullish above 10,820–830
The daily chart remains constructive, with price trading above its rising 10- and 25-day EMAs. The 30-minute chart is also bullish, although the latest candle shows some selling pressure as the market approaches R1.
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