FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 12th October 2022
For the second time this week that was a decent climb off the lower support this time at 6860 but then fizzled out again. Same as the bounce off 6920 earlier this week! Overnight we have held the retest of that 6860 (and just below for the overnight low at 6850) and futures looks a bit more optimistic to start with. A possible climb towards the 6920 level initial (again!) where we have the Hull MA on the 2h, but possibly as high as the 6940 area where we have a cluster of resistance levels.
Namely, the key fib, 200ema 30m and R1. Thats also just below the red 2h coral on the 2h that we haven’t tested as yet since it changed to a bearish trend. That is currently at 6970 but steadily dropping.
I am thinking that both of these levels will get tested today as we see once again the buy the rumour, sell the news mentality kick in ahead of the US CPI tomorrow.
Above the 6970 level then the bulls would be looking to recapture the 7000 level and R2 is at 7026 for today – can they push that high? The S&P500 might go for the 3660 level for a test of that 2h coral resistance so that could help drag the FTSE up as well. If the pound continues to drop that will also help underpin the FTSE100.
For the support side of things, then 6843 key fib is the main one, and just below the overnight low, with S1 at 6819 below that. Should we start dropping off to these levels then the bottom of the 10d Raff comes into view as well, with support from that around the 6790 level.
Generally for today though it looks like we might get a push up. The price has moved above the 30m coral, and that should turn green this morning, and offers support at the 6870 level to start with.
Whilst writing this, ONS news has just been released that the UK economy contracted 0.3% in August.
S&P500
As with the FTSE100, this looks like it might have a more optimistic day today and a rise towards the 3650 level before a stutter there. That would tie in with a test of the 200ema 30m and also the red 2h coral, and as such should get a reaction. We are just pushing through the Hull MA resistance level on the 2h chart first thing, at the 3601 level. R1 is at 3633 so the initial target for the bulls on an early push up. Support wise, 3590 is the green 30m coral so initial support here, with 3570 key fib level below that. Not sure we will get that low though!
Good luck today!
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