Technical analysis for FTSE 100 for 14th November 2024
Nice drop off the 8055 all the way down to the 7995 support yesterday which saw a modest bounce. Overnight we have dropped back down but will the bulls be able to defend again..... we may well see a lower low set today and a test of the 7982 level where we have the key fib to start with. That is also just above the 7967 S2 level, so should we see this area I would like to see a bounce here.
Below that then the 7941 S3 level will loom into view and the bears will definitely have the upper hand and be looking to target the 7900 area. Both Raff channels are heading down now as well so sentiment is looking more bearish again. Basically a break of yesterday's low and then a bounce back may well play out.
Resistance wise then the daily pivot at 8032 is key to start with, and is around the area that we have dropped off overnight as well. We may well see an early test of this as the 8000 level gets defended initially, but the bulls will be looking to break above to target the 8070 level where we have the R1 and the 30m 200ema levels. That is also just above the untested red 2h coral line which sits at the 8060 level. As such a rise and then drop from this area makes sense.
If they really go for it and manage to pull away and break above the 8070 then the 8097 R2 and 8108 daily 200ema are the next levels to watch. A break of the latter will likely have locked in the lows for the time being and we will see a rise into month end.
On the news front today at 1330 we have the US initial jobless claims and the PPI for Oct so expect some volatility then. Forecasts are for a slight uptick on both. We also have Bailey and Powell talking later, which may give some hints on a rate cut at the December meeting in the US.
Today's big question is whether the 8000 area holds as support really.....
Good luck
Interested in how to start trading the FTSE 100? Frequently Asked Questions on Spread betting
Recommended Broker for trading - MT4/5, web and mobile
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, Trading Tips, Support and Resistance Levels with Live Trading
If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.
Keep up to date with new content, free sign up below with just your email address
