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New month money flows in for a rise and dip | 7195 7242 7260 resistance | 7165 7125 support

#1 · 1st November 2022, 12:58 pm

Quote from Nick on 1st November 2022, 12:58 pm
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 1st November 2022
Nice decent start to November as I write this and the bulls have managed to pull away from the 7000 level now. The seasonality is playing out well which sees a decent rise starting in mid October and playing out till the end of the year. I'm still not ruling out the FTSE getting near 8000 for year end!
Initially we have some resistance at the 7153 level with R1 here and just above the CBOL level, though the bulls may well want to try and get it to 7180. That is a key daily trend line there and ideally it needs to close above that to keep the bullish momentum. That said, there is strong resistance at the 7200 level with R2 and daily resistance here, as well as the round number.
As such, I am trying a short off the 7200 level and see if it drops back to test the pivot. The ASX200 had a decent strong day today as well as I think we will follow suit, at least for most of the session. We may see some nerves then kick in later ahead of the Fed tomorrow, with the 75bps rate increase expected.
Buy the rumour sell the news!
Above 7200 then the bulls will be looking to get it as far as R3 at 7260 but we have the daily 200ema at 7241 as a more likely ceiling for today. Should we get that high then a short there also looks to be worth a go. That's also the top of the 10d Raff channel.
Support wise, 7125 is the 30m 25ema to start with and yesterdays resistance level becoming support. Below that then 7090 is the daily pivot and should hold if tested, though the 7060 level is stronger support below that. We have the 30m 200ema here and also the Hull MA on the 2h chart.
So looks like a rise and dip sort of day to play out. The new month money should help the bulls initially and it feels like we will see 7200 sooner rather than later.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 1st November 2022

Nice decent start to November as I write this and the bulls have managed to pull away from the 7000 level now. The seasonality is playing out well which sees a decent rise starting in mid October and playing out till the end of the year. I'm still not ruling out the FTSE getting near 8000 for year end!

Initially we have some resistance at the 7153 level with R1 here and just above the CBOL level, though the bulls may well want to try and get it to 7180. That is a key daily trend line there and ideally it needs to close above that to keep the bullish momentum. That said, there is strong resistance at the 7200 level with R2 and daily resistance here, as well as the round number.

As such, I am trying a short off the 7200 level and see if it drops back to test the pivot. The ASX200 had a decent strong day today as well as I think we will follow suit, at least for most of the session. We may see some nerves then kick in later ahead of the Fed tomorrow, with the 75bps rate increase expected.

Buy the rumour sell the news!

Above 7200 then the bulls will be looking to get it as far as R3 at 7260 but we have the daily 200ema at 7241 as a more likely ceiling for today. Should we get that high then a short there also looks to be worth a go. That's also the top of the 10d Raff channel.

Support wise, 7125 is the 30m 25ema to start with and yesterdays resistance level becoming support. Below that then 7090 is the daily pivot and should hold if tested, though the 7060 level is stronger support below that. We have the 30m 200ema here and also the Hull MA on the 2h chart.

So looks like a rise and dip sort of day to play out. The new month money should help the bulls initially and it feels like we will see 7200 sooner rather than later.

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