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Dip and rise today with 7210 7195 7180 support | 7115 daily | 7240 7267 7293 resistance

#1 · 18th October 2021, 10:21 am

Quote from Nick on 18th October 2021, 10:21 am
FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook
On Friday the FTSE 100 hit an 18-month high as the bulls broke above the 7210 resistance level.
Most Asian stocks and U.S. futures slid Monday as surging energy prices cemented worries about inflation and as Chinese growth slowed. Bond yields rose.
MSCI Inc.’s gauge of Asia Pacific shares was on track for its first decline in four sessions as equities dropped in Japan, Hong Kong and China, where economy slowed in the third quarter. U.S. contracts dipped after American stocks advanced on Friday, with the S&P 500 chalking its best week since July as earnings buoyed sentiment.
Oil prices built on their eighth weekly gain with West Texas Intermediate crude rising above $83 a barrel to the highest since 2014. Brent approached $86 a barrel. Petrol prices have surged above 140p per litre for the first time in almost a decade as the energy crisis continues to roil markets. The cost of petrol hit 140.22p on Thursday – the first time it has passed 140p since September 2012 – according to data from the AA.
Global ports are growing more gridlocked as the pandemic era’s supply shocks intensify, threatening to spoil the holiday shopping season, erode corporate profits and drive up consumer prices. Bloomberg’s Port Congestion Tracker shows a typhoon in Asia spawned another wild week for shipping in a year with many challenges. As of Friday, at least 107 container ships were waiting off Hong Kong and Shenzhen, the data show. As the Big Crunch of 2021 has repeatedly demonstrated, a bottleneck in one corner of the globe eventually exacerbates a logjam or compounds shortages in another.
FTSE 100 live outlook prediction analysis for 18th October 2021
For today I am thinking that we will get a dip and rise with the bull Monday kicking in later once the US comes on line, as long at the S&P500 defends 4430. The FTSE100 2h chart is just starting to go bearish to start with, having topped out just shy of the daily resistance at 7260 so we could see a drop back on that to retest the 7210 level (resistance becoming support) but probably more likely a test of the 7195 level to start with where we have S2.
The 30m coral has also gone red with the weakness since Friday and has resistance at 7239 to start with, as such any initial move up to this area is worth shorting for a leg lower.
Below the 7195 level then the bears will be looking to 7115 where we would have another test of the daily 25ema, and also crucially the bottom of the 10d Raff channel. As such should it get this low then I would like to see this level hold. That may well coincide with a drop on the S&P500 to test the 2hour support at 4430.
The S&P500 is bullish on the longer time frames with the daily MAs just stating to switch to bull with support at 4409. The 2h is more optimistic though with that 4430 Hull MA support, and then the green coral below that at 4396. Neither of these key supports has been tested yet since going to bull mode. Keep an eye on them. Resistance is at the 4473 area and we have dropped off that on the futures, but the bulls will need to defend that 4430 level strongly.
Back to the FTSE100 and below 7115 is would get pretty bearish again but if the S&P bulls do their thing then more upside is on the cards. Above 7250 and we should be looking at a potential rise to the 7350+ level fairly soon. It looks though like the bulls will struggle to push past the 7250 level at least initially and with that 30min coral now red at 7240 we should see a drop from here.
Above this then the key fib is at 7267 and just below R2 at 7270 so should the bulls break above 7240 then this would be the next area to watch, with 7293 R3 above that, though that seems a big ask to start with!
Good luck today and watch 7210, 7195 and 7115 as the main supports, 7240 7267 as the main resistance.
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FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook

On Friday the FTSE 100 hit an 18-month high as the bulls broke above the 7210 resistance level.

Most Asian stocks and U.S. futures slid Monday as surging energy prices cemented worries about inflation and as Chinese growth slowed. Bond yields rose.
MSCI Inc.’s gauge of Asia Pacific shares was on track for its first decline in four sessions as equities dropped in Japan, Hong Kong and China, where economy slowed in the third quarter. U.S. contracts dipped after American stocks advanced on Friday, with the S&P 500 chalking its best week since July as earnings buoyed sentiment.

Oil prices built on their eighth weekly gain with West Texas Intermediate crude rising above $83 a barrel to the highest since 2014. Brent approached $86 a barrel. Petrol prices have surged above 140p per litre for the first time in almost a decade as the energy crisis continues to roil markets. The cost of petrol hit 140.22p on Thursday – the first time it has passed 140p since September 2012 – according to data from the AA.

Global ports are growing more gridlocked as the pandemic era’s supply shocks intensify, threatening to spoil the holiday shopping season, erode corporate profits and drive up consumer prices. Bloomberg’s Port Congestion Tracker shows a typhoon in Asia spawned another wild week for shipping in a year with many challenges. As of Friday, at least 107 container ships were waiting off Hong Kong and Shenzhen, the data show. As the Big Crunch of 2021 has repeatedly demonstrated, a bottleneck in one corner of the globe eventually exacerbates a logjam or compounds shortages in another.

FTSE 100 live outlook prediction analysis for 18th October 2021

For today I am thinking that we will get a dip and rise with the bull Monday kicking in later once the US comes on line, as long at the S&P500 defends 4430. The FTSE100 2h chart is just starting to go bearish to start with, having topped out just shy of the daily resistance at 7260 so we could see a drop back on that to retest the 7210 level (resistance becoming support) but probably more likely a test of the 7195 level to start with where we have S2.

The 30m coral has also gone red with the weakness since Friday and has resistance at 7239 to start with, as such any initial move up to this area is worth shorting for a leg lower.

Below the 7195 level then the bears will be looking to 7115 where we would have another test of the daily 25ema, and also crucially the bottom of the 10d Raff channel. As such should it get this low then I would like to see this level hold. That may well coincide with a drop on the S&P500 to test the 2hour support at 4430.

The S&P500 is bullish on the longer time frames with the daily MAs just stating to switch to bull with support at 4409. The 2h is more optimistic though with that 4430 Hull MA support, and then the green coral below that at 4396. Neither of these key supports has been tested yet since going to bull mode. Keep an eye on them. Resistance is at the 4473 area and we have dropped off that on the futures, but the bulls will need to defend that 4430 level strongly.

Back to the FTSE100 and below 7115 is would get pretty bearish again but if the S&P bulls do their thing then more upside is on the cards. Above 7250 and we should be looking at a potential rise to the 7350+ level fairly soon. It looks though like the bulls will struggle to push past the 7250 level at least initially and with that 30min coral now red at 7240 we should see a drop from here.

Above this then the key fib is at 7267 and just below R2 at 7270 so should the bulls break above 7240 then this would be the next area to watch, with 7293 R3 above that, though that seems a big ask to start with!

Good luck today and watch 7210, 7195 and 7115 as the main supports, 7240 7267 as the main resistance.

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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 FTSE 100, 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 FTSE, DAX, Gold and S&P.
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

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