Technical analysis for FTSE 100 for 23rd October 2024
A cracking bounce off the 8251 level yesterday so keep running the 8252 long for the time being. The bulls will be keen to defend the 8300 level this morning as we have the daily pivot here, along with the green 30m coral, and they will be buoyed by the fact that it has held overnight as well, despite a slide on the ASX200.
Below the 8299 level then the bears would be looking towards S1 at 8267, and then yesterdays low at 8251, with 8235 below that. That said, with the decent rise yesterday we may well see a bit of consolidation today and the bulls aiming to get the longer timeframe charts such as the 2h looking more bullish.
Talking of the 2h chart the coral is red and sitting at 8352 so this area, also being a 100 point bounce from yesterday, is likely to be decent resistance. R1 and the key fib are also here.
The daily chart remains bullish too, Raff channels are heading up along with a bullish moving average set up. The bottom of the 10d Raff channel is at 8261 for today so lends some weight to this support zone as well, with S1 and the daily support, if 8300 breaks.
I am expecting to see a defence of the daily pivot to start with along with the round number, and a rise towards the 8350 level which could then lead to some profit taking and the bears having a go.
Above 8350 I am still looking at the 8400 level as its capped the rises recently. Above that then the daily level is only at 8412 which could be a tough nut to crack. If it were, and I am not expecting this to break today, then the 8495 is above that.
The main news is at 1500 in the US with home sales data then, and then a speech at 2130 tonight by BoE Bailey.
Not much more to say really, let's see if we bounce around between 8300 and 8350 today.
Good luck.
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