FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 6th December 2022
Stocks were mixed in Asia following declines on Wall Street while the yuan fluctuated as investors balanced looser Covid restrictions in China with underwhelming trade data.
The FTSE100 tested the 7510 level after hours yesterday and got a decent reaction and bounced back to 7570 showing that there is still some buyers around!
For today we may well get another try for the 7600 level, and possibly the 7620 area, after an initial drop down. A lot will be dependant on the 30m coral holding at the 7540 level to start with though.
A break of this will likely see a retest of the 7510 level, though below this there is decent support at the 7481 level, and I would like to see any test of this hold today if it gets that low.
The 2h chart remains bearish for the moment with the red coral resistance at the 7570 level and with the key fib and R1 just above this at the 7590 level the bulls may have a bit of a challenge pushing past this unless they can get a decent tailwind.
Below 7480 then it does start to look a lot more bearish. That said, its actually held up pretty well while the S&P500 has dropped off quite significantly. The next key level is then at 7421 – a level that was pretty key previously so I would expect to see this hold.
All that said, both the Raff channels are still heading up and the bottom of both of them is at the 7500 level so again lending weight to this level. Defiantly worth keeping an eye on and also some tentative longs.
Above 7620 then 7700 would be the ultimate target for the bulls. They may well need some help from the S&P500 though and a rise on that towards 4400 to test the Hull MA would make sense. Above that the red 2h coral is at the 4035 level, though that maybe a bit too much for the bulls today! They will ideally need to defend the 3915 level on any drop down as we have the bottom of the 10d Raff here, and then S1 at 3905 below that.
The ASX200 had a dip rise dip play out and we may well do the same, but its firmly up to the bulls to play the game today.
Good luck!
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