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8359 and 8400 if 8333 breaks | 8291 support | rise and dip today with Fed Wednesday

#1 · 17th September 2024, 10:07 am

Technical analysis for FTSE 100 for 17th September 2024

It took a while but the bulls managed to defend the 8250 level yesterday which sure enough saw the 8300 level. We may well see a rise and dip play out today but the bulls need to break the 8333 level now, if they are to push higher. The higher level now in play being the 8400 level. The spectre of rate cuts is helping to underpin the strength and the 10d Raff channel has now started to head up on the FTSE100.

If the initial resistance at the 8335 level holds then we may well get a dip back down to backtest the 8290 level (previous resistance becoming support) and we also have the daily pivot here to help. If this holds then some more upside may well follow from there.

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