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7530 holds as resistance for the moment | 7490 7550 resistance | 7430 7403 support

#1 · 16th November 2023, 9:33 am

Technical analysis for FTSE 100 for 16th November 2023

The FTSE 100 rose 0.62pc yesterday to close at 7,486.91. The biggest risers were Experian (up 7.53pc), St James’s Place (up 6.57pc) and Ocado (up 5.6pc). Tesco and Diageo both dropped 1.83pc. Meanwhile, the FTSE 250 increased 0.76pc to 18,676.48.

A couple of tests of that key 7525ish area yesterday that we were keeping an eye on, and the bulls failed to break above it. That is the short term line in the sand, with 7550 remaining as resistance above that. We may well see a bit of consolidation today as it coils ready for another push higher, possibly tomorrow.

The 30m coral is now red and initial resistance from this is at the 7487 level to start with this morning, and just above the daily pivot at the 7478 level. We may well see a drop down off this area then, to test the 7430 support level where we have the key fib and the 30m 200ema. That also ties in with the green 2h coral, so a hold of this would bode well for a bounce, and then that climb back towards the 7530 level.