Technical analysis for FTSE 100 for 5th November 2024
Here we go then, the US heads to the voting booths and the race is still neck and neck. The results won't be known for a while but we may well start to see the volatility on the markets kick in today. The FTSE100 overshot the 8210 resistance level yesterday but failed to reach the 8250, stalling at the 8240 instead. That saw the bears take their turn and overnight the 8160 level has held after they drove it down well.
For today it looks like we may well see a similar range in play. The 8245 is still key resistance with the 25ema on the daily here, along with 8255 daily resistance. For support the 8140 level is S1 and the key fib should it get that low. That is also the 2h support level with both the Hull MA and the coral (green) here.
As such, should we get an early drop down to there to kick off bear Tuesday then I would like to see a bounce here.
Initial resistance is from the red 30m coral at 8196 and the daily pivot 8190 which may help the bears to start with, as they look to keep the drop from 8240 yesterday going. A dip rise dip would fit well today.
If the bears break 8140 though then 8102 is S2 and also ties in with the 8109 200ema on the daily chart, so would more than likely hold. If not then S3 is down at 8052 and with the bottom of the 20d Raff channel here then the bulls would be looking to defend this. Can't see it getting that low today though!
Back to the upside, then a move above 8250 needs to manage 8288 where we have the daily coral, with the 8316 level above that. That might be a big ask, as generally there is an air of caution this week, and quite a few keeping their powder dry.
Good luck today - stay nimble!
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