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Bulls need to defend 7400 | 7365 below | 7440 7467 7516 resistance

#1 · 6th November 2023, 10:10 am

Technical analysis for FTSE 100 for 6th November 2023

Asian shares rallied for a fourth straight session on Monday after markets priced in earlier rate cuts in the United States and Europe, bullish wagers that will be tested by a swarm of central bank speakers this week.

The bears brought it down from the 7480 area on Friday and that remains the resistance zone to watch at the moment. A break of that will likely lead towards the 7515 area, however it looks like we will get a bit more downside this morning and possibly a bounce later on.

The daily pivot and red 30m coral are both at the 7430 level and I am thinking that we may see an initial rise to this level before a drop back down.