Discussion Forum for trading analysis, help, signals and learning how to trade. Chat with other traders , post analysis, trades and ask questions. This is the public part of my website. For more in-depth discussions please consider joining to chat with other members

ForumTrading Forum with market discussion and live trades: Market DiscussionBulls need to defend 7340 with 73 …

Please or Register to create posts and topics.

Bulls need to defend 7340 with 7315 7293 below | 7363 7391 resistance | Consolidation phase

#1 · 16th November 2021, 10:30 am

Quote from Nick on 16th November 2021, 10:30 am
FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE 100 closes marginally higher at 7,351 points
The FTSE 100 has closed up only marginally as gains for Shell were capped by sluggish mining stocks. The blue-chip index closed 0.05pc higher at 7,351 points, with the energy giant gaining 2.1pc after it said it will shift its headquarters to the UK from the Netherlands.
But this was largely cancelled out by a 1.5pc slip for mining stocks, which came under pressure amid global moves to reduce coal use and a big drop in China's steel production.
The domestically-focused FTSE 250 put on a much better showing, gaining 0.3pc thanks to strong gains for CMC Markets and Cineworld.
Markets continue to evaluate the risk that policy makers are erring by treating elevated price pressures as transitory. Ex-New York Fed leader William Dudley and former Richmond President Jeffrey Lacker suggested that the Fed should accelerate tapering. Bank of England Governor Andrew Bailey said he’s “very uneasy about the inflation situation.”
Most Asian stocks rose Tuesday and the yuan climbed as traders weighed the outcome of the first face-to-face virtual summit between U.S. President Joe Biden and Chinese leader Xi Jinping. Treasury yields dipped.
MSCI Inc.’s Asia-Pacific share gauge advanced for a fourth session, while U.S. and European equity futures fluctuated after the S&P 500 and Nasdaq 100 ended flat. The Asian equity gains were led by Hong Kong, which was buoyed by a rally in Macau casino operators, while Japanese shares edged up.
Stabilize Ties
U.S. President Joe Biden and Chinese leader Xi Jinping spoke of the need for cooperation in their first face-to-face summit, which went on longer than expected even though they announced no major breakthroughs. The video conference lasted for more than three hours, with the two leaders covering a range of topics including trade, the status of Taiwan and human rights. A White House official afterward described the tone as respectful and open, with the conversation focused on action to manage the long-term competition between the world’s biggest economies.
FTSE 100 live outlook prediction analysis for 16th November 2021
A fairly flat day for the FTSE100 yesterday as the consolidation continues this week. Overbought indicators are cooling off and we may well see the "buy the dip" manifest itself shortly. Initially we have support at the 30m coral and 200ema at the 7340 level, as well as the daily support here, so with this overnight drop back off 7360, we could see an initial rise from here towards the 2 hour resistance at the 7368 level where we have the Hull MA resistance.
The bulls will of course be keen to break above 7370 as that then reopens up the possibility of a test of the 7400 level, and then the top of the Raffs around the 7430 level. However, with R3 at 7397 and the 2h chart being bearish that may be a big ask for today and a slide down to the 7320 support area looks more likely.
The S&P 2 hour chart remains bullish though with support at the 4670 level and a dip to here and then a bounce today would fit pretty well. As with the FTSE100 the overbought RSI has cooled a bit, though fear/greed indicator is still on 82/100 so a bit more cooling off could well play out. S1 for today is also at the 4670 level. The 30m coral is red and has resistance at the 4691 level so this is the line in the sand and we may well see the bears appear here.
If the FTSE bears were to break below 7310 where we have S2 then S3 at 7293 would be next up and that is just below the key fib at 7295, so could hold. Any further weakness though and a slide down to the 7260 area would likely play out for another test of the 25ema on the daily here.
I have mentioned the seasonal patterns a couple of times recently and this week can be weaker so we may not see the bulls appear in anger till the end of the week. The daily trends do remain up though and should we dip back to the bottom of the Raff channels again then these areas are worth taking longs. 4650 and 4625 for the S&P are the main levels on the Raff channel today. 7300 for the FTSE 10d one.
So, for the FTSE100 today I am thinking an initial kick up towards the 7370 level then a drop back with 7340 and 7310 the main support levels then in play. If that holds then we may well see a bit of a bounce from 7310.
Good luck today.

FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE 100 closes marginally higher at 7,351 points

The FTSE 100 has closed up only marginally as gains for Shell were capped by sluggish mining stocks. The blue-chip index closed 0.05pc higher at 7,351 points, with the energy giant gaining 2.1pc after it said it will shift its headquarters to the UK from the Netherlands.

But this was largely cancelled out by a 1.5pc slip for mining stocks, which came under pressure amid global moves to reduce coal use and a big drop in China's steel production.

The domestically-focused FTSE 250 put on a much better showing, gaining 0.3pc thanks to strong gains for CMC Markets and Cineworld.

Markets continue to evaluate the risk that policy makers are erring by treating elevated price pressures as transitory. Ex-New York Fed leader William Dudley and former Richmond President Jeffrey Lacker suggested that the Fed should accelerate tapering. Bank of England Governor Andrew Bailey said he’s “very uneasy about the inflation situation.”

Most Asian stocks rose Tuesday and the yuan climbed as traders weighed the outcome of the first face-to-face virtual summit between U.S. President Joe Biden and Chinese leader Xi Jinping. Treasury yields dipped.

MSCI Inc.’s Asia-Pacific share gauge advanced for a fourth session, while U.S. and European equity futures fluctuated after the S&P 500 and Nasdaq 100 ended flat. The Asian equity gains were led by Hong Kong, which was buoyed by a rally in Macau casino operators, while Japanese shares edged up.

Stabilize Ties
U.S. President Joe Biden and Chinese leader Xi Jinping spoke of the need for cooperation in their first face-to-face summit, which went on longer than expected even though they announced no major breakthroughs. The video conference lasted for more than three hours, with the two leaders covering a range of topics including trade, the status of Taiwan and human rights. A White House official afterward described the tone as respectful and open, with the conversation focused on action to manage the long-term competition between the world’s biggest economies.

FTSE 100 live outlook prediction analysis for 16th November 2021

A fairly flat day for the FTSE100 yesterday as the consolidation continues this week. Overbought indicators are cooling off and we may well see the "buy the dip" manifest itself shortly. Initially we have support at the 30m coral and 200ema at the 7340 level, as well as the daily support here, so with this overnight drop back off 7360, we could see an initial rise from here towards the 2 hour resistance at the 7368 level where we have the Hull MA resistance.

The bulls will of course be keen to break above 7370 as that then reopens up the possibility of a test of the 7400 level, and then the top of the Raffs around the 7430 level. However, with R3 at 7397 and the 2h chart being bearish that may be a big ask for today and a slide down to the 7320 support area looks more likely.

The S&P 2 hour chart remains bullish though with support at the 4670 level and a dip to here and then a bounce today would fit pretty well. As with the FTSE100 the overbought RSI has cooled a bit, though fear/greed indicator is still on 82/100 so a bit more cooling off could well play out. S1 for today is also at the 4670 level. The 30m coral is red and has resistance at the 4691 level so this is the line in the sand and we may well see the bears appear here.

If the FTSE bears were to break below 7310 where we have S2 then S3 at 7293 would be next up and that is just below the key fib at 7295, so could hold. Any further weakness though and a slide down to the 7260 area would likely play out for another test of the 25ema on the daily here.

I have mentioned the seasonal patterns a couple of times recently and this week can be weaker so we may not see the bulls appear in anger till the end of the week. The daily trends do remain up though and should we dip back to the bottom of the Raff channels again then these areas are worth taking longs. 4650 and 4625 for the S&P are the main levels on the Raff channel today. 7300 for the FTSE 10d one.

So, for the FTSE100 today I am thinking an initial kick up towards the 7370 level then a drop back with 7340 and 7310 the main support levels then in play. If that holds then we may well see a bit of a bounce from 7310.

Good luck today.