FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 14th October 2022
Bit of a wild one yesterday as the CPI news, along with the slightly chaotic UK finances(!) saw the market drop then recover as they got pumped back up again.
Initially today we should get a rise towards the 6960 R1 level and then a drop off from there. With the pump yesterday the charts look a bit more bullish to start with so once again, buying the dip is in play. If we do drop down then the first key support is at the 6875 level where we have the green 30m coral, and just below the 30m 200ema and key fib which are both at the 6890 level. Ergo this area looks like it will be good for some longs.
The 2h chart has also gone bullish and the Hull MA has support on that at the 6815 level – if it were to drop that low, and it doesn’t look like it will, then a long here is also worth a go. 6834 is also the daily pivot for today which could act as a magnet if the bears start to get their way.
The bulls will of course be looking to hold above the 6920 level which was previous support, became strong resistance this week, so has cemented itself as a fairly key level now. Ultimately I am thinking that today they would like to push it up towards the R2 level at 7035 with 6995 daily resistance just below that.
The big question of course is whether this is a dead cat bounce, a bear market rally, or the start of the seasonal climb that starts about mid-October. Decisions decisions! Ideally the FTSE100 needs to surpass 7100 to start looking more positive but with the pension company and gilt market reaching the “deadline” today it remains to be seen if we are not on the cusp of more financial woes!
As it’s a Friday and after yesterday’s roller coater ride, we may see a bit of a pause of breath so could see a slow drift up if the bulls can defend the supports. The S&P500 will certainly be keen to push on today and any drop down to the 3585 level looks like it may see decent support there. The 2h coral and Hull MA are both here and with the coral now turning green in theory that is decent support.
Good luck today and have a great weekend.
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