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FTSE100 live outlook prediction analysis for 26th September 2022
It’s all eyes on cable as Sterling continues to tank, and is now almost at parity as expected all those years ago as Brexit played out. The FTSE is just about clinging on to the 7000 level as support, but the Raff channels are heading down steadily as the weak second half of the month continues to play out. Stay cautious with the medium term longs till we get into October…..
So, for today (and probably this week!) we are still looking to short the rallies, and initially I am thinking that a rise towards the daily pivot at 7069 will play out before a drop back down to Fridays low at 6985 and possibly lower – S1 at 6942 looks distinctly possible!
I would then actually quite like to see that S1 level hold if tested as that could then set up a bounce back to 7000, and possibly even higher. It may take a bullish US session to help that along though, and I am looking at the S&P500 defending the S1 at 3640 initially to help with that. If the S&P bulls fail then a drop down to the 3580 area looks likely (maybe tomorrow if not today) as we have the bottom of the Raffs there and also S2 for today.
Above the 7069 daily pivot then we have the key fib at 7127 and 7150 for the 200ema and R1 level – a level that we could see if the bulls were to really kick in a bull Monday session today. At 7150 it gets a little hazier as we also have the 2h coral here, so a break of this would take a fair bit of effort. If done, then 7200 would be the next logical level to aim for as its the round number – seems a big ask today but with cable sliding, that will help the FTSE100 a bit as many constituents in there earn in dollars.
For the bears, a break of 6942 would get pretty bearish and 6900 would likely appear. Below that then S2 at 6854 is on the cards, but we have Raff support at 6931 (20d) and then 6905 (10d). Keep an eye out for these two levels as well.
The ASX200 had a dip and rise play out and we may well do the same today.
Good luck today.
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