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Learn to trade | Possible rise and dip today with 7270 7293 resistance | 7220 7184 7150 support

#1 · 26th October 2021, 10:00 am

Quote from Nick on 26th October 2021, 10:00 am
Learn to trade | FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook
FTSE 100 rises 0.5pc Monday as focus shifts to Budget
The FTSE 100 rose to once again close in on pre-pandemic levels after a strong day of trading for commodity firms.
It closed 18.27 points higher at 7,222.82 on Monday.
However, gains in London were relatively modest as traders sat on their hands ahead of Wednesday's Budget and showed little response to early announcements such as an increase to the National Living Wage.
Most Asian stocks rose Tuesday after a record S&P 500 close as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment even as the debate over inflation risks intensified.
Equities rose in Japan and fluctuated in China and Hong Kong. Traders digested a video call between China’s Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen on economic issues. The Chinese side said the call was “pragmatic, candid and constructive.”
U.S. futures advanced, with Nasdaq 100 contracts outperforming. The tech-heavy gauge led U.S. gains overnight amid a Tesla Inc. rally to a $1 trillion market value. Facebook Inc. was higher in late trading on strong user growth and a pledge to buy back as much as $50 billion more in stock.
FTSE 100 live outlook prediction analysis for 26th October 2021
A fairly flat or consolidation day yesterday on the FTSE100 as the bulls defend the 7200 area. However the bears are starting to circle as the rise has been rapid leading to a bit of an overbought situation on some of the RSI levels. The bulls will be looking to take this up towards the daily resistance level at 7275 though today and with R2 and the key fib also in this area we may well see the bears have a go here. That may well tie in with the S&P500 testing its daily resistance around the 4590 area and again, we have the key fib for today at 4592 so could see the bears have a crack here.
The ASX200 (Australia) had a bear Tuesday and if we do get an initial rise we could well follow suit with a dip later on. The bulls aren't going to give up 7200 too easily though and in fact 7219 is the 200ema on the 30m that has been holding pretty well. 7221 is also the 2h coral and 7222 is the Hull MA, so a break of this area will be bad for the bulls.
The daily chart remains bullish though with 7153 the moving average support now and we are tracking the mid point of both the Raffs fairly steadily at the moment. Dips continue to be bought for the moment as well.
With the consolidation yesterday on the S&P the 2h chart has gone bullish again, with 4572 support on that, so the bulls will be looking to defend that this morning - hence why we may well get a small dip - rise - dip pattern play out on that. 4543 is the bottom of the 10d Raff channel so a possible drop down to that area may well be seen shortly.
Back to the FTSE100 and if the bulls were to break 7270 then we should see 7292 for R3, and possibly the 7300 level for a round number test. For the moment its bullish to start with anyway, with pivot support at 7228 and 7220 just below that. Will the bulls be quick out the blocks this morning?
Good luck today.
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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.
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Learn to trade | FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook

FTSE 100 rises 0.5pc Monday as focus shifts to Budget

The FTSE 100 rose to once again close in on pre-pandemic levels after a strong day of trading for commodity firms.

It closed 18.27 points higher at 7,222.82 on Monday.

However, gains in London were relatively modest as traders sat on their hands ahead of Wednesday's Budget and showed little response to early announcements such as an increase to the National Living Wage.

Most Asian stocks rose Tuesday after a record S&P 500 close as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment even as the debate over inflation risks intensified.

Equities rose in Japan and fluctuated in China and Hong Kong. Traders digested a video call between China’s Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen on economic issues. The Chinese side said the call was “pragmatic, candid and constructive.”

U.S. futures advanced, with Nasdaq 100 contracts outperforming. The tech-heavy gauge led U.S. gains overnight amid a Tesla Inc. rally to a $1 trillion market value. Facebook Inc. was higher in late trading on strong user growth and a pledge to buy back as much as $50 billion more in stock.

FTSE 100 live outlook prediction analysis for 26th October 2021

A fairly flat or consolidation day yesterday on the FTSE100 as the bulls defend the 7200 area. However the bears are starting to circle as the rise has been rapid leading to a bit of an overbought situation on some of the RSI levels. The bulls will be looking to take this up towards the daily resistance level at 7275 though today and with R2 and the key fib also in this area we may well see the bears have a go here. That may well tie in with the S&P500 testing its daily resistance around the 4590 area and again, we have the key fib for today at 4592 so could see the bears have a crack here.

The ASX200 (Australia) had a bear Tuesday and if we do get an initial rise we could well follow suit with a dip later on. The bulls aren't going to give up 7200 too easily though and in fact 7219 is the 200ema on the 30m that has been holding pretty well. 7221 is also the 2h coral and 7222 is the Hull MA, so a break of this area will be bad for the bulls.

The daily chart remains bullish though with 7153 the moving average support now and we are tracking the mid point of both the Raffs fairly steadily at the moment. Dips continue to be bought for the moment as well.

With the consolidation yesterday on the S&P the 2h chart has gone bullish again, with 4572 support on that, so the bulls will be looking to defend that this morning - hence why we may well get a small dip - rise - dip pattern play out on that. 4543 is the bottom of the 10d Raff channel so a possible drop down to that area may well be seen shortly.

Back to the FTSE100 and if the bulls were to break 7270 then we should see 7292 for R3, and possibly the 7300 level for a round number test. For the moment its bullish to start with anyway, with pivot support at 7228 and 7220 just below that. Will the bulls be quick out the blocks this morning?

Good luck today.

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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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