Technical analysis for 24th September 2026
Yesterday's trading provided an important reminder that the recent improvement in market sentiment remains fragile. Oil rebounded above $100, US Treasury yields rose sharply and equities lost momentum. This morning, oil has eased from yesterday's highs, but bond markets remain unsettled. Strong US economic data and expectations of further Federal Reserve tightening have pushed the dollar to a two-month high.
The main question today is whether easing oil prices can offset the renewed pressure from higher interest rates.
My preferred scenario today is an early recovery towards 10,710-725, followed by another attempt lower. That would be a good test of the daily pivot and 30m 200ema area, and should see the bears attempt to continue yesterday's slide. The break below 10700 weakens the bulls heading into today's session so a slide down to the 10651 S1 level and possibly even the 10635 key fib may well play out today. The oil price has crept back up as well, though still below $100 (just!) which may help the FTSE100 initially (BP&Shell) though may weigh on sentiment as the session plays out.
If the bulls were to break above the 10725 level then I am looking for a rise towards the 10778 key fib level and in line with the resistance level all this week. As such a short here is also worth a go if it were to get this high. A break of this then look for 10825 once again though that may well be rather optimistic!
Support wise, below the 10635 level then 10609 S2 and the round number at 10600 is the next area to look for, especially as we have the bottom of the 10d Raff at 10625.
Given that the 2h chart is bearish to start with today and has resistance at the 10725 level from the Hull MA I am inclined to go with a rise and dip playing out initially.
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