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Dip and rise today with 7020 support | 7008 6995 6970 below | 7100 on the cards

#1 · 31st October 2022, 11:15 am

Quote from Nick on 31st October 2022, 11:15 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 31st October 2022
Rishi's first full week in charge so can't see it being too bearish so as to put the economic carnage behind us, and we also head towards the Fed interest rate decision on Wednesday with 75 basis points all but certain.
As such a dip and rise for today looks like it may play out with the first support at the 7020 level likely to be seen early doors. The rise off 6995 worked well on Friday and that was a decent bounce we caught, so the bulls will be trying hard to make sure it doesn't drop back too far and undoes that effort.
Below 7020 then 6995 once again, and then 6970 below that. Might need some pessimistic news to get that low though and I think the higher supports will hold. 7008 is also the key fib for today, and the daily chart is desperately trying to go bullish, to align with the now bullish daily charts for the Dax40 and S&P500.
Initial resistance is at the 7090 overnight high level and that is also just below the first of the daily resistance levels at 7094, with the key fib just above at 7104. As such if we get a rise to this area then we may well see a dip back from there - it would certainly be a good level to see some profits being banked following the rise from 6700 earlier this month.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 31st October 2022

Rishi's first full week in charge so can't see it being too bearish so as to put the economic carnage behind us, and we also head towards the Fed interest rate decision on Wednesday with 75 basis points all but certain.

As such a dip and rise for today looks like it may play out with the first support at the 7020 level likely to be seen early doors. The rise off 6995 worked well on Friday and that was a decent bounce we caught, so the bulls will be trying hard to make sure it doesn't drop back too far and undoes that effort.

Below 7020 then 6995 once again, and then 6970 below that. Might need some pessimistic news to get that low though and I think the higher supports will hold. 7008 is also the key fib for today, and the daily chart is desperately trying to go bullish, to align with the now bullish daily charts for the Dax40 and S&P500.

Initial resistance is at the 7090 overnight high level and that is also just below the first of the daily resistance levels at 7094, with the key fib just above at 7104. As such if we get a rise to this area then we may well see a dip back from there - it would certainly be a good level to see some profits being banked following the rise from 6700 earlier this month.

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