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FTSE100 live outlook prediction analysis for 22nd November 2022
The FTSE 100 closed nine points lower to 7,376 after energy stocks including BP and Shell fell by 3.3pc. Drugmakers AstraZeneca and GSK were among the risers increasing by 1.4pc and 2.1pc respectively. Meanwhile Unilever, Diageo and British American Tobacco, with significant dollar revenues, gained between 1.1pc and 1.8pc as the pound fell.
Stocks were mixed in Asia amid fragile sentiment as investors weighed the impact of Covid infections in China and parsed comments from Federal Reserve officials on interest rate hikes.
For today I am expecting a rise and dip and the question is whether the bulls can manage the 7440 level, our even as far as the 7470 resistance sitting above that as daily resistance. That would also fit with a rise and dip on the S&P500, with a rise to test the red 2h coral at the 3970 level, before dropping back down to retest the 3935 level once again.
The FTSE100, is just sat on 30m support as I write this at the 7390 level as we have the green 30m coral here, along with the round number support of 7400. A such we may well see an initial climb from this area, though just below this we have 7373 as the 200ema on the 30m chart. That also ties in with the Hull MA at 7383 which is the line that we climbed off yesterday (even with the stop hunt overshoot down to 7340).
7342 is then the key fib, with the daily support at 7320 below that, along with the 7310 area for the 10d Raff support. If we get a full on bear Tuesday then we could in theory drop this low today, and then possibly have a bounce here.
Don’t forget Thanksgiving Holiday in the US on Thursday as well – so likely profit taking tomorrow ahead of that, then a possible bounce on Friday.
If the bulls were able to break past the 7470 level today then 7500 is the top of the 10d Raff channel. However I don’t think they will manage that today, as we will likely follow the pattern that the ASX200 did, which was the rise and dip.
That pattern is also likely on the Dax with a rise towards the R1 and key fib level at the 14490 level, before a drop off from there. Likewise the S&P500 as mentioned for a test of the 3970 level.
The daily charts are still bullish, and we still haven’t tested the 25ema on the daily chart as yet which is now at the 7250 level.
Good trading today!
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