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Can the bulls defend the 7000 level | 6980 6940 support | 7035 7055 7083 resistance

#1 · 26th October 2022, 9:16 am

Quote from Nick on 26th October 2022, 9:16 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 26th October 2022
That was a decent bounce off the 6950 level yesterday which ended up running to the target off 7000+ and overnight we have hovered around the 7000 level. It still looks fairly positive for a push higher still, though the 7050 level remains the line in the sand which is the recent high and also 7055 is the CBOL (cam break out long) level for today.
Initial support is at the 7000 level where we have the daily pivot and then 6977 below that with the 30m 200ema here. The bulls will be keen to hold it above 7000 for a push higher and to build on the strength yesterday, though a lot will depend on the ECB rate decision that's looming, and also the S&P500 pushing towards the 3860 level.
Above the 7055 level then 7083 is R2 and could be possible for today if the bulls pull their finger out. Untimely they still need to break above 7200 to undo the bearishness so we may see that next month, all being well.
The bears will be looking to break the 6977 200ema, and that would likely lead down to the 6940 level where we have the key fib and S1 for today. I would like to see any test of that hold (a bit of a repeat of yesterday in fact) and a push up from there if it got there.
Below the 6950 level then 6900 is S2, though I don't think we will get that low today. The Raff channels are both now heading up, the Dax is bullish, as is the S&P and generally it looks more bullish across the board.
Cable has also recovered a bit now, and is at 114 and holding around there. The news flow will swing back to interest rate rises and traders will be looking to see if the central banks slow the aggressive rate increases. With energy prices continuing to fall then that element of inflation should temper, though its interesting that once again it all looks like a bit of social conditioning - spook/squeeze the population with the increased cost of living to slow down the expenditure on extraneous purchases, and to justify the rate increases.
So, generally looking like a dip and rise again today, though the 6975 holding will be key this morning.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 26th October 2022

That was a decent bounce off the 6950 level yesterday which ended up running to the target off 7000+ and overnight we have hovered around the 7000 level. It still looks fairly positive for a push higher still, though the 7050 level remains the line in the sand which is the recent high and also 7055 is the CBOL (cam break out long) level for today.

Initial support is at the 7000 level where we have the daily pivot and then 6977 below that with the 30m 200ema here. The bulls will be keen to hold it above 7000 for a push higher and to build on the strength yesterday, though a lot will depend on the ECB rate decision that's looming, and also the S&P500 pushing towards the 3860 level.

Above the 7055 level then 7083 is R2 and could be possible for today if the bulls pull their finger out. Untimely they still need to break above 7200 to undo the bearishness so we may see that next month, all being well.

The bears will be looking to break the 6977 200ema, and that would likely lead down to the 6940 level where we have the key fib and S1 for today. I would like to see any test of that hold (a bit of a repeat of yesterday in fact) and a push up from there if it got there.

Below the 6950 level then 6900 is S2, though I don't think we will get that low today. The Raff channels are both now heading up, the Dax is bullish, as is the S&P and generally it looks more bullish across the board.

Cable has also recovered a bit now, and is at 114 and holding around there. The news flow will swing back to interest rate rises and traders will be looking to see if the central banks slow the aggressive rate increases. With energy prices continuing to fall then that element of inflation should temper, though its interesting that once again it all looks like a bit of social conditioning - spook/squeeze the population with the increased cost of living to slow down the expenditure on extraneous purchases, and to justify the rate increases.

So, generally looking like a dip and rise again today, though the 6975 holding will be key this morning.

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

Keep up to date with new content, free sign up below with just your email address

#mc_embed_signup{background:#fff; clear:left; font:14px Helvetica,Arial,sans-serif; }
/* Add your own Mailchimp form style overrides in your site stylesheet or in this style block.
We recommend moving this block and the preceding CSS link to the HEAD of your HTML file. */

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