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End of month so dip rise dip | 7420 7390 7378 support | 7480 7505 7525 resistance

#1 · 30th November 2023, 10:45 am

Technical analysis for FTSE 100 for 30th November 2023

The FTSE 100 slipped for the third straight day on Wednesday following hawkish comments from Bank of England Governor Andrew Bailey. The blue-chip FTSE 100 index dipped 0.4% and the domestically-focussed mid-cap index added 0.4%. Bailey said that the central bank "will do what it takes" to get inflation down to its 2% target, adding that he had not yet seen enough progress towards that goal to be confident.

A decent climb off the 7409 yesterday, capped by the 30m 200ema at 7455. That remains the short term resistance to start with today, and as it's the end of the month we may well see a rise and dip play out today. The bulls will be aiming to push up towards the 7500 level but we have a decent resistance level at the 7480 area with R2 and the key fib here.