Technical analysis for FTSE 100 for 11th November 2024
We found support at 8060 on Friday, just above the 8049 daily level, and the bulls will be looking for a bullish session today to build on the slow bounce from here. The key for them will be breaking above the 8150-60 area as we have a cluster of resistance levels here.
Asia was a bit lacklustre on Monday, but with the S&P500 breaking 6000 and managing to rebuff shorts from the round number, it may well push on a bit higher today.
8107 is the daily pivot to start with, so if we can break that early doors then we should see the 8155 resistance area get tested. Also note that we have the Hull MA on the 2h at 8135, followed by the now red 2h coral at 8162.
Above that then the bulls will be aiming for the 8232 R2 level, but en-route we would have to jump another test of the 25ema on the daily at the 8212 level. As such, we may well see any rise later here instead.
Looking at the S&P500 a dip and rise looks distinctly possible, with the daily pivot holding as support at the 5990 level, and closing the gap from Friday's close at 5996.
Support on the FTSE100 meanwhile is at the 8060 key fib level to start with, then that daily support at 8049 as mentioned previously. Slightly lower is S1 at 8031, though I don't feel that we will get that low today, and a bullish Monday in more likely. We are also hovering around the 200ema on the daily, at 8110 today, so apart from some overshoots this could well start to galvanise the bulls for the push higher into year end.
Have we seen the lows at 8060 for the time being though..... I do think any drop down towards the 8000 area are going to be staunchly defended during November and December. That would fit the seasonality well. Buy The Dip (BTD) generally now the order of Q4.
Good luck today.
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