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Should climb today after yesterdays drop | 7463 7500 7531 resistance | 7390 support

#1 · 17th November 2023, 9:23 am

Technical analysis for FTSE 100 for 17th November 2023

The FTSE 100 closed down 1.01pc to 7,410.97 Thursday.

Asian shares took a breather on Friday as a batch of softer U.S. economic data took some of the steam out of Wall Street, but also boosted bonds in a big way while slugging oil prices in a boon for the inflation outlook.

Got quite bearish again yesterday with 7400 tested (and defended) once again. I am thinking that we see a bit more bullishness today though possibly some profit taking towards the end of the day.

A drop down to test the 7390 support level would fit quite well and we have daily support, S1 and the key fib all here. As such the bulls will be keen to defend this level. The FTSE100 was considerably more pessimistic than other markets yesterday, not helped by oil dropping off once again. The short term pump of the price by limiting supply is starting to wear off and we may well continue to see further downside on oil into year end.