FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 30th November 2022
Stocks rose Wednesday after a volatile open in Asia as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell. Hong Kong’s equities benchmark dropped initially, quickly reversed course and then made gains in choppy trading as the day progressed.
The bulls continue to push on and a rise towards the 7600 level looks to be on the cards for today, if the Fed play along later. We could see a buy the rumour sell the news ahead of that though. Powell is speaking at 18:30 and traders will be looking for guidance on interest rates once again.
The 7540 level held as resistance yesterday and that remains the line in the sand though overnight the bulls have tried to push through it. Initially we have the key fib at 7567 just above this so could see a rise to that at the bell, but generally the bias is still buy the dip as the seasonality plays out. Can they mange to get it near to the 8000 for the year end?!
7589 is R2 and also just shy of the round number so I am thinking that any rise might later here ahead of the speech, certainly worth keeping an eye on this level for a reaction.
The Raff channels continue to head up across the board, however the S&P500 2h chart is still bearish and has some key resistance at the 3988 level from the Hull MA and also 4007 from the red coral – both dropping throughout today so these are approximate levels. A rise to these and then drop off would fit quite well.
Support wise for the FTSE100 we have the daily pivot at 7515 aligning with the Hull MA on the 2h chart so I would like to see any drop down to here hold for another leg up to end the month strongly and tee up a rise into December. It’s been due a pull back but it hasn’t really materialised since that 200 point drop mid November, so the bulls still carry the momentum for the time being.
Below that the 7490 is the 200ema 30m, and 7350 for the 25daily EMA that we still haven’t tested. I don’t think we will get that low today and are more likely to follow the ASX200 which had a bullish session. 7467 is also the key fib for today and splitting S1 and S2 so another level to look out for. Might not drop that low either though!
Generally, I am liking 7515 for support. 7585 for resistance.
Good luck today.
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