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FTSE100 live outlook prediction analysis for 28th November 2022
Shares slid while the dollar and Treasuries rose as growing unrest in China over Covid restrictions sent a shiver through global markets. Stocks and oil slid sharply on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID curbs raised worries about management of the virus in the world’s second-largest economy.
As we approach the end of November (already!?) global turmoil continues though the markets are proving quite resilient still. The protests in China over the strict Covid measures have flared up over the weekend and are being blamed for the weak start to the week on markets. That said, we will probably get a rise and dip play out today as the various gaps get closed from Fridays closing prices.
On the FTSE100 a rise towards the 7480 level where we have said gap, but also the daily pivot, and just above the now red 30m coral could play out. The bears may then have another crack here, though the bulls will be keen to push on towards 7510 as they didn’t quite manage that on Friday.
That’s a key daily resistance level there that if broken starts to pave the way for a more bullish December. 7542 is R3 and as I write this it feels a big ask to be thinking of that today, it is possible. Above that then then bulls will almost be able to light the after burners for a push towards, and likely past, 7600.
Support wise, the 7424 level is pretty key today, as we have S3 and daily support here, along with the 10d Raff channel bottom. I would like to see any test of this hold today.
Talking of Raff channels they continue to head up across the board which gives the bulls strength still. The 25ema remains untested and is down at 7313 for today – not likely to get tested today I don’t expect but do bear it in mind.
Should the bears break 7424 today then 7400 is the next level of note, then the bottom of the 20d Raff at 7370.
There are no key news events scheduled for today, though we have NFP on Friday to look forward too!
So, looking for a rise and dip to play out today. Good luck!
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