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Can the bulls build on Fridays rise | 7290 7210 support | 7380 7420 resistance | Buy the dip

#1 · 7th November 2022, 11:43 am

Quote from Nick on 7th November 2022, 11:43 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 7th November 2022
The FTSE 100 surged on Friday to finish nearly 2% higher as traders digested the Bank of England’s (BoE) interest rate rise to 3% and boosted by a weaker pound. This came despite a warning that Britain faces its longest recession since the 1920s. London’s benchmark index finished Friday at 7,335 for a 146-point gain on the day.
The bulls pulled it out the bag on Friday with a decent gain on the FTSE100, and they will be looking to put in a bull Monday today to build on that. Initially we may well continue the slide down from the 7380 level and see the 7301 pivot tested. The bulls will obviously want to defend this round number and if so then a rise from there (or just below) towards the Friday high at 7380 would fit pretty well. We may well see. double top play out at that level later today though.
Above the 7380 level then R1 at 7426 is next up, and this also coincides with the top of the 10d Raff channel - as such I would expect to see a bit of a stutter in this area should it get that high.
The daily chart remains bullish, as does the 2h chart, with 7260 support on the latter, and 7100 support on the former. The buy the dip continues apace for the moment, as the seasonality for a rise continues to play out well.
7200 area is also showing as support as we have the 200ema 30m and the key fib here for today. As such should we see this area then a bounce here may well materialise.
The main UK news this week will be the GDP figures on the 11th and indication of whether this 2 year recession is starting now or later.
Ultimately this month it feels like the bulls will want to push this up towards the 7500 level and possibly higher for a strong year end. The market tends to look 6 months ahead anyway, and so far is pretty unperturbed by the BOE recession pessimism. That said, 2023 might be a more negative one! Slowing property sales, credit tightening and the era of cheap money coming to end for those that have lived on the never never for far to long filtering through into the economy.
The S&P500 2h chart has also gone bullish now as you would expect and has 3734 as support. We also have the green 30m coral here so I would like to see a bounce from this level.
Likewise the Dax40 - a drop down initially to the pivot at 13378 would make sense, though below this we have decent lower support at the 13270 level on the 2h chart with both the Hull MA and the green coral here. Should it get that low then a bounce from here would make sense.
So, need to watch for the bulls to defend from the off really today and ignore the general negative news once again!
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 7th November 2022

The FTSE 100 surged on Friday to finish nearly 2% higher as traders digested the Bank of England’s (BoE) interest rate rise to 3% and boosted by a weaker pound. This came despite a warning that Britain faces its longest recession since the 1920s. London’s benchmark index finished Friday at 7,335 for a 146-point gain on the day.

The bulls pulled it out the bag on Friday with a decent gain on the FTSE100, and they will be looking to put in a bull Monday today to build on that. Initially we may well continue the slide down from the 7380 level and see the 7301 pivot tested. The bulls will obviously want to defend this round number and if so then a rise from there (or just below) towards the Friday high at 7380 would fit pretty well. We may well see. double top play out at that level later today though.

Above the 7380 level then R1 at 7426 is next up, and this also coincides with the top of the 10d Raff channel - as such I would expect to see a bit of a stutter in this area should it get that high.

The daily chart remains bullish, as does the 2h chart, with 7260 support on the latter, and 7100 support on the former. The buy the dip continues apace for the moment, as the seasonality for a rise continues to play out well.

7200 area is also showing as support as we have the 200ema 30m and the key fib here for today. As such should we see this area then a bounce here may well materialise.

The main UK news this week will be the GDP figures on the 11th and indication of whether this 2 year recession is starting now or later.

Ultimately this month it feels like the bulls will want to push this up towards the 7500 level and possibly higher for a strong year end. The market tends to look 6 months ahead anyway, and so far is pretty unperturbed by the BOE recession pessimism. That said, 2023 might be a more negative one! Slowing property sales, credit tightening and the era of cheap money coming to end for those that have lived on the never never for far to long filtering through into the economy.

The S&P500 2h chart has also gone bullish now as you would expect and has 3734 as support. We also have the green 30m coral here so I would like to see a bounce from this level.

Likewise the Dax40 - a drop down initially to the pivot at 13378 would make sense, though below this we have decent lower support at the 13270 level on the 2h chart with both the Hull MA and the green coral here. Should it get that low then a bounce from here would make sense.

So, need to watch for the bulls to defend from the off really today and ignore the general negative news once again!

Good luck today.

Recommended Broker

IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!

Membership and Live Trading

If you would like more detailed analysis for FTSE100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.

What you get

Daily Analysis pre market open (sent around 7am each day) for FTSE100, DAX40, Gold and S&P500.
Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
Telegram live trading room and webinar group membership for discussion and realtime trade updates