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FTSE100 live outlook prediction analysis for 18th November 2022
All played out nicely yesterday according to plan, though the FTSE100 bounced just above the 7290 support level. The budget generally fuelled the dip and rise well, though no real shocks announced – just that the tax burden is going to increase. The heady days of free money from the magic money tree during Covid seem a long way away now – time for the hangover to kick in!
Initially today we have support at the 7345 level as we have the daily pivot and the 30m green coral here. That may well trigger a push up towards the 7400 level but there is a cluster of resistance here with R1 and the key fib.
Above this then 7436 is the next daily level of note being the most recent high and just above R2, with a push towards the 7470 daily level still remaining unfilled for the moment.
I am not sure that we will get that high today as its Friday, and we also have option expiry today so expect some movement at 10:10 this morning.
After the rise yesterday the 2h chart is bullish as you would expect with 7352 Hull MA support, so it will be interesting to see off the bulls manage to spring up from there this morning. As per yesterday the Raff channels continue to head up while the 25ema on the daily remains untested – thats down at 7220 now so still steadily rising.
The bears will be looking to push below the 7345 level and that would open up a test of 7310 again, and possibly as low at 7280.
That said, it does look like we may well see a rise and dip play out today though and the S&P500 has the potential for a push back towards 4000 where we have the now red 2h coral resistance. The Hull MA is a bit lower at 3980 though so it will be up to the bulls to push through these levels.
So, slightly cautious as its Friday – don’t give back yesterdays profits and have a great weekend!
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