Technical analysis for FTSE 100 for 22nd November 2024
Another week draws to a close and it looks like the bulls are going to end it with the upper hand, despite the best efforts of the Russia/Ukraine situation. The main resistance to start with is the 8203 key fib and just above the daily level and round number so we could see some profit taking here and a small drop down to the daily pivot. It still feels like buy the dip is the play as we continue that rise off 7995. Also of course we may well start to get the Santa Rally playing out. The US markets are continuing to climb as well, and the daily candles on the S&P500 chart have long tails (bullish).
Above 8203 then the 8262 area is next up as key resistance and a short here looks to be worth a go if seen today. We have R2 here, along with the top of the 10d Raff channel. The bulls may well struggle to push past this today though, being Friday and a dip at the close of play is likely as profits get banked ahead of the weekend and what may escalate in Russia/Ukraine.
Support wise, the 8141 level is key with the daily pivot and the Hull MA here, so any test of this I would like to see hold. A break below this though and that would unsettle the bulls, and a slide down to the 8095 S1 level would probably play out.
That said, it's actually looking more positive again and it's good for the bulls that they have finally managed to pull away from the 8100 area that we have been hovering around for so long.
The 2h chart is bullish once again following the climb yesterday which was needed as I wrote in yesterday's missive, and with the Hull MA firmly bullish I would like to see any test of that hold.
UK retail sales have just been released and showed a drop in October following three months of growth.
So, keep an eye on the 8203 level initially, 8262 above that. 8140 for the best support today. Dip and rise would fit well!
Have a great weekend and good luck today.
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