Technical analysis for FTSE 100 for 9th January 2024
The UK's FTSE 100 lagged broader European markets on Monday as energy stocks followed oil prices lower, while investors looked ahead to the start of the earnings reporting period and a slew of economic data this week. The blue-chip FTSE 100 closed up 0.1% and lagged its European peers that were driven by gains in the tech sector.
The FTSE 350 oil and gas index fell 2.9% as crude prices tumbled nearly 4% on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output.
UK stocks finished the first week of 2024 lower, with FTSE 100 falling by the since November and the FTSE 250 the most since early October as markets scaled back bets on early rate cuts.most
Asian stocks gave up some of their earlier gains following a tech-led US rally, with Chinese shares reversing course as the initial boost from hopes of fresh monetary easing subsided. The CSI 300 gauge for mainland Chinese equities shed 0.2% after rising as much as 0.6% earlier. Its morning gains came after a Chinese central bank official signaled that authorities are prepared to further loosen policy by cutting banks’ official reserves. Gains in Hong Kong stocks narrowed considerably.
Asian stocks advanced on Tuesday after a tech-led rally on Wall Street as investors look to the next set of U.S inflation numbers due this week, which could provide further clarity on when the Federal Reserve might start cutting interest rates.
FTSE 100 technical analysis for today, 9th January 2024
Looking like we might see a small rise and then a dip for a bit of Bear Tuesday. The 7640 level held well again yesterday, remaining the key support for the time being, below 7680 for today and then with 7615 lower down.
Initial resistance is at the 7730 level and then 7750 above that with the R1 and key fib here. If the bulls were to really go for it then we may well see a test of the 7765 level, and a short here is worth taking.
On the support side of things, 7640 once again and then 7615 below that.
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