Dip and rise today with 7390 the level to break | FTSE100

Friday saw a rise and dip play out and today we may well see a dip and rise instead. We are into Thanksgiving week in the US (Thursday 24th) and what can traditionally be a bullish week - generally with a dip and rise playing out across it. Bullish Friday basically!

For today I am thinking that we will also have a dip and rise, as the bears will be keen to test the 7320 support level if they can break 7360. This is initial support with the green 2h coral here, and also the Hull MA but its the second test of it. We climbed on Friday off this Hull MA at 7350, managing 7420 before dropping back. The bulls are not pulling away quite so cleanly this time.

That said, we may see it hold initially for a rise to the daily pivot at the 7390 level, and this aligns with the now red 30m coral, so we may well see a drop off this over the first half of the session today.

That may well coincide with a drop down on the S&P500 towards the 3923 fib level and again a bounce there back to the pivot at 3961. 

The ASX200 had a dip and rise play out today, with the bulls appearing late in the day. Not the strongest of bull Mondays - not helped by the Covid situation in China flaring up yet again.

Above the 7390 level then a retest of Fridays high at 7425 is possible, along with a test of the daily resistance level at 7436 - I had expect that to be tested Friday once it pushed above 7400 though maybe that was being too exact! Above that then 7465 is R2 though I am not thinking that we will get that high today. 

Support wise, 7360 and then 7320 as mentioned. Should it dip below that then the 7300 level is the next key one being the round number and also the bottom of both the 10 & 20 day Raff channels (7295 & 7290 respectively). We still have a possible test of the daily 25ema at some point which currently sits at 7235. Not expecting that today though!

So, we may not see the most exciting day (thats gone and done it, will probably be volatile as anything!) and keep an eye for the 7400 to 7320 range for today. 

Good luck.