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Might be a bit flat today with 7235 7200 support | 7300 7336 resistance

#1 · 8th November 2022, 11:10 am

Quote from Nick on 8th November 2022, 11:10 am
FTSE100 live outlook prediction analysis for 8th November 2022
That was a decent climb off the 7290 support level up to the 7350 area before the bears brought it back down again. Overnight the weakness has continued and we may well see a bear Tuesday play out initially with a drop down to the 7235 support area. Initial resistance is at the 7300 level where we have the Hull MA on the 2h, the red 30m coral and also the daily pivot for today.
It's just the 2h FTSE100 chart that is bearish to start with and has the 7300 as resistance. The S&P500 and Dax40 ones are both bullish with support at the 3735 and 13450 levels respectively. As such, if they defend those levels then we may well see that help pull the FTSE100 up as well later on.
Of course the 2 big USA related things having an effect at the moment are the midterms and the CPI data out Thursday.
Above the 7300 resistance level then the bulls will be looking to retest yesterdays high at 7350, and then R2 at 7382 above that. It doesn't feel like it will be overly bullish today, and in fact it may be a fairly flat day (famous last words!) with a bit of a dip down to that 7230 area. R1 is at 7326 as well so should it stutter there then we will see a lower high for the week thus far, which is slightly bearish.
Support wise, looking at the drop to 7235 as mentioned, and with a few supports of note here I would like to see this hold. That would also tee up a rise for the next few sessions as well.
Below 7235 though and the 7200 is the next level of note, with S2 here and also the round number. Below that, and I don't think we will get this low today, is the bottom of the 10d Raff channel at 7170, with the bottom of the 20d Raff at 7100 and aligning nicely with the first test of the 25ema on the daily there since it went bullish. But I dont think we will go that low today.
So, potentially a weak bear Tuesday on the cards today. Good luck.
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FTSE100 live outlook prediction analysis for 8th November 2022

That was a decent climb off the 7290 support level up to the 7350 area before the bears brought it back down again. Overnight the weakness has continued and we may well see a bear Tuesday play out initially with a drop down to the 7235 support area. Initial resistance is at the 7300 level where we have the Hull MA on the 2h, the red 30m coral and also the daily pivot for today.

It's just the 2h FTSE100 chart that is bearish to start with and has the 7300 as resistance. The S&P500 and Dax40 ones are both bullish with support at the 3735 and 13450 levels respectively. As such, if they defend those levels then we may well see that help pull the FTSE100 up as well later on.

Of course the 2 big USA related things having an effect at the moment are the midterms and the CPI data out Thursday.

Above the 7300 resistance level then the bulls will be looking to retest yesterdays high at 7350, and then R2 at 7382 above that. It doesn't feel like it will be overly bullish today, and in fact it may be a fairly flat day (famous last words!) with a bit of a dip down to that 7230 area. R1 is at 7326 as well so should it stutter there then we will see a lower high for the week thus far, which is slightly bearish.

Support wise, looking at the drop to 7235 as mentioned, and with a few supports of note here I would like to see this hold. That would also tee up a rise for the next few sessions as well.

Below 7235 though and the 7200 is the next level of note, with S2 here and also the round number. Below that, and I don't think we will get this low today, is the bottom of the 10d Raff channel at 7170, with the bottom of the 20d Raff at 7100 and aligning nicely with the first test of the 25ema on the daily there since it went bullish. But I dont think we will go that low today.

So, potentially a weak bear Tuesday on the cards today. Good luck.

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