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Quote from Nick on 27th October 2023, 8:48 am
Technical analysis for FTSE 100 for 27th October 2023
The FTSE 100 closed 0.81pc lower at 7,354.57, while the FTSE 250 midcap index finished down 0.52pc at 16,783.09. The blue-chip index was weighed down by Standard Chartered, which sank to the bottom of the FTSE 100 after revealing a 33pc drop in pre-tax profit during the third quarter.
We finally got the second test of the 7330 support level but after the bell, and it's held well to see a steady rise so far. That lends weight to the case for a bit of optimism for today, and we may well see a push towards the 7415 level. The bears did well driving the market down from the 7395 resistance first thing yesterday, but that hold of the 2h support bodes well for the bulls, along with setting up a decent double bottom test.
So for today I am thinking that we will get an initial kick up towards the 7395 level once again and a test of the 200ema and R1 level here. I am also expecting the 30m coral to shortly go green and lock in support at the 7350 level on that so will be interesting to see if that pans out.
The FTSE 100 closed 0.81pc lower at 7,354.57, while the FTSE 250 midcap index finished down 0.52pc at 16,783.09. The blue-chip index was weighed down by Standard Chartered, which sank to the bottom of the FTSE 100 after revealing a 33pc drop in pre-tax profit during the third quarter.
We finally got the second test of the 7330 support level but after the bell, and it's held well to see a steady rise so far. That lends weight to the case for a bit of optimism for today, and we may well see a push towards the 7415 level. The bears did well driving the market down from the 7395 resistance first thing yesterday, but that hold of the 2h support bodes well for the bulls, along with setting up a decent double bottom test.
So for today I am thinking that we will get an initial kick up towards the 7395 level once again and a test of the 200ema and R1 level here. I am also expecting the 30m coral to shortly go green and lock in support at the 7350 level on that so will be interesting to see if that pans out.