Technical analysis for FTSE 100 for 3rd December 2024
A decent bull Monday in the end yesterday with the FTSE100 hanging on above the 8300 level. We got the rise and dip play out and with the break of 8305 they managed the 8340 resistance level, though we still have 8388 above that in play. For today we may well see a similar pattern and a rise and dip as bear Tuesday kicks in later.
Initial support is at the daily pivot at 8308, and that is also just above the now bullish 2h supports from the Hull MA and the coral at the 8305 area. As such, we may well see the bulls go for an early push and be quick out the blocks again.
Below this though and then 8286 is the 30m 200ema, and 8282 for S1. The Raff channels remain heading up so its still a bullish bias for the moment, which also links in with the generally bullish trends table above, so the bulls do still have the upper hand to start December. Lower support of note is at the 8220 level where we now have the daily 25ema and remains a decent swing long entry (or add to any running still from 7995). S3 for today is also at 8213 though to be honest I don't think we will get that low today.
On the upside, I am looking for a rise towards the 8380 area and the 8377 R2, and daily level at 8388. If we do see this area then a short here is worth taking. Ultimately of course the bulls will be looking to break 8400 next and we have R3 at 8421 for today. Possibly a big ask, as we may well see a stall on the rise later at the 8380ish area.
Seasonality is certainly playing out well so far for December in what is traditionally a bullish month with the Santa Rally and the year end push. I still think we will end the year around the 8600 area.
The main news today is the JOLTS job openings at 1500 so we may see some volatility then.
Good luck today.
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