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Rishi's day has come | Next one to give it a go | 6940 6890 6860 support | 7010 7053 7103 resistance

#1 · 24th October 2022, 10:11 am

Quote from Nick on 24th October 2022, 10:11 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 24th October 2022
Looks like Rishi will be declared PM today then as Boris has withdrawn and Penny is probably not really having much of a chance to make the necessary gains in support. The FTSE futures rallied strongly as the news broke that it was looking likely to be Rishi now, and as such we may well see it rally again on confirmation of that today. Hopefully he can calm things down and unite the party from the current shambles that is playing out.
Initially today we are likely to see a drop back from the 7040 level that has been tested overnight, as 7042 was the daily level of note from Fridays analysis. The 2hr chart is now bullish after that climb and has 6950 as the key Hull MA support - the bulls will need to defend this level first thing.
We also have the daily pivot for initial support at the 6957 level, so something else to lend weight to this area.
If the bears were to push it lower then 6936 is the now green 2h coral line, and that also aligns with the 30m 200ema so a hold of this would be required to keep the bulls in the game.
6907 is S1 below that, and then we are back looking at Fridays support levels at the 6860 level (nice long from there for us on Friday!) and I would like to see this hold again.
For the bulls, 7040 as mentioned looks key, especially as we have dropped off that overnight, so they will be looking to retest that in hours. A close above this would actually bode quite well for continued upside over the next few weeks, and a rise towards the 7200 and the top of the Raff channels just below this. The 10d Raff channel is now heading upwards on the daily chart which bodes well, especially as the Dax has now locked in a bullish daily chart with a decent hold of that 12600 level on Friday.
Both Raff channels on the Dax40 are heading up now, while it's just the 10d on the FTSE100 and S&P500. Ball is in the bulls court - they just need to make it stick now.
So, generally looks like we will be on for a Bull Monday, if they can defend the 6950 level and get a rise towards the 7040 level.
Good luck today.
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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.
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Daily Analysis pre market open (sent around 7am each day) for FTSE100, DAX40, Gold and S&P500.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 24th October 2022

Looks like Rishi will be declared PM today then as Boris has withdrawn and Penny is probably not really having much of a chance to make the necessary gains in support. The FTSE futures rallied strongly as the news broke that it was looking likely to be Rishi now, and as such we may well see it rally again on confirmation of that today. Hopefully he can calm things down and unite the party from the current shambles that is playing out.

Initially today we are likely to see a drop back from the 7040 level that has been tested overnight, as 7042 was the daily level of note from Fridays analysis. The 2hr chart is now bullish after that climb and has 6950 as the key Hull MA support - the bulls will need to defend this level first thing.

We also have the daily pivot for initial support at the 6957 level, so something else to lend weight to this area.

If the bears were to push it lower then 6936 is the now green 2h coral line, and that also aligns with the 30m 200ema so a hold of this would be required to keep the bulls in the game.

6907 is S1 below that, and then we are back looking at Fridays support levels at the 6860 level (nice long from there for us on Friday!) and I would like to see this hold again.

For the bulls, 7040 as mentioned looks key, especially as we have dropped off that overnight, so they will be looking to retest that in hours. A close above this would actually bode quite well for continued upside over the next few weeks, and a rise towards the 7200 and the top of the Raff channels just below this. The 10d Raff channel is now heading upwards on the daily chart which bodes well, especially as the Dax has now locked in a bullish daily chart with a decent hold of that 12600 level on Friday.

Both Raff channels on the Dax40 are heading up now, while it's just the 10d on the FTSE100 and S&P500. Ball is in the bulls court - they just need to make it stick now.

So, generally looks like we will be on for a Bull Monday, if they can defend the 6950 level and get a rise towards the 7040 level.

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