Thanksgiving holiday today | 7470 7500 7515 resistance | 7430 7412 support

Thanksgiving holiday today | 7470 7500 7515 resistance | 7430 7412 support

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 24th November 2022

The FTSE 100  and broader FTSE 250 index closed higher, led by mining and industrial companies. The buoyancy among UK-listed shares came after a Supreme Court ruling that Scotland cannot trigger an independence referendum without Parliament’s say so.

Decent dip off the 7500 level yesterday so that is the new line in the sand that the bulls will need to push past. 7470 is once again flagging as initial resistance this morning with the daily pivot and the Hull MA on the 2h chart both here. We also have the red 30m coral, so three fairly key indicators giving resistance at this level.

The USA is closed today for the Thanksgiving Holiday, so we may well see a drifting day – probably drift up then drop off and end up back where we started! The ASX200 had a rise and dip and I am thinking that we may well do similar.

I would like to see an initial drop off the 7470 level down to the 7430 support level then a rise back. Initial support is at the 7440 level where we have the S1 level, then 7430 for the 30m 200ema. That also ties in with a test of the green 2h coral, so the bulls will be keen to defend any drops to here.

Below that then the key fib and S2 are at the 7415 area. It’s possible that we drop this low later, though with the market latching onto a possible Fed slow down on rate rises and using that as the catalyst to push higher, we may not drop past 7430. The S&P500 will certainly be keen to defend the 4000 level now.

Will we see a Santa Rally? Some of the notes from the big firms are suggesting not, but the bulls are hanging in there so far. Next leg up to properly start later in December most likely. Next year though could be more pessimistic and I expect a lot more companies to shut up shop as they drown under their over leveraged debt piles. Just recently in the headlines we have, Joules, Boden looking dicey, and probably a whole host of other middle class shops as the squeezed middle get squeezed once again.

Back to the numbers, and if the bulls were to push past 7470 then 7500 as mentioned, with 7550 possibly above that – the top of the 10d Raff channel here and also R3. It’s possible for sure today!

Good luck today, dont forget the US is closed and keep an eye on 7470 and 7500 for resistance, 7430 for support.

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