FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 21st December 2022
Asian equity benchmarks fluctuated Wednesday while US share futures climbed after the S&P 500 snapped a four-day losing streak, providing a moment of respite in one of the worst years for stocks and bonds in more than a decade. Equity benchmarks in Japan, China and Hong Kong shifted between losses and gains. Australian shares clung to a firm advance and futures contracts for European stocks climbed.
Any sign of Santa they cried….
The bulls managed to defend the 7295 support level yesterday and we have pulled back up to the 7400 level and it feels like we may possibly get a bit of a pump higher today and tomorrow. That will help the bonus pool as well for a not quite so poor year end for the city boys. The key will be a break above the 7420 level today really, as that has been a fairly key level for the past few weeks, and once again is resistance with R1 here.
After yesterdays rise the various 2h charts are looking stronger, with 7333 FTSE support, 3780 SPX support and 13777 Dax support. If we see any of those areas today then longs off these are worth a go.
Initially for the FTSE100, 7420 as mentioned then above that the 7454 R2 level and the top of the 10 day Raff channel would be the next hurdle that the bulls will want to push past. Don’t think I am going to get my 7800 year end now but a rise towards 7500 before the end of the year is looking possible.
For the bears, they will be looking to drive it down and the first support is at the 7375 level where we have the green 30m coral. Then the daily pivot at 7360 just below that. I would like to see this area hold, otherwise a slide down to the 2h support at the 7333 as mentioned looks possible. 7313 is the key fib just below that.
The bulls will be keen to defend any drops today I feel, and if the bullishness that is evident on the Dax and S&P500 plays out then that may well help the FTSE100. The slight spanner in the works is that the daily Dax and S&P500 charts are now bearish, with 14129 and 3923 resistance respectively. The bulls may struggle to push past these levels.
So, feel like a buy the dip sort of day really so keep an eye on those key support levels.
Good luck today!
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