Technical analysis for 11th September 2026
The FTSE is around 10,625 level this morning following another weak session yesterday, and I remain bearish overall. However, with the daily RSI now around 32 and the index already substantially below its short-term moving averages, I would be particularly wary of chasing shorts at the current level.
The chart structure has deteriorated again: yesterday's recovery attempt failed, the daily 10 and 25 EMAs are turning lower, price remains firmly inside the descending red channel, and the 30-minute chart has all the important moving averages overhead.
We have the US August CPI data out today at 1330 and also the focus has shifted to interest rate rises that may be looming which may weigh on proceedings today.
Initially the bulls may attempt to retrace some of the fall and we have a buy the rumour, sell the news pattern play out ahead of the news at 1330. The first key resistance level is 10666 for R1 and I am watching this closely for a failed break. Above this then the 10699 has a cluster of resistance indicators and is also worth a short if seen. There is then an outside chance of a test of the 10730 R2 level.
Support wise, the daily pivot area at 10626 is in play as I am writing this, while the 30m chart has gone bullish this morning with 25ema support at 10614. Lower down then the 10560 area is key for today with both S1 and daily support here - if we see a test of this level then I would like to see a bounce here, otherwise we are looking at a slide down to 10515 for the next key support.
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