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After the drop... the bounce | 8270 8220 support | 8330 8364 resistance

#1 · 24th October 2024, 10:32 am

Technical analysis for FTSE 100 for 24th October 2024

The bears took control yesterday but the 8240 support area held and we are just looking to move back above the 8300 level first thing this morning. Golds drop yesterday may well have been a bit of front running for a climb on the indices, as well as profit taking after its recent run higher. Good to get pretty much all of that move with our short!

Initial support today is at the daily pivot at the 8278 level and the bulls will be looking to break the 8320-30 level where we have the R1 and key fib for today. It's also the red 2h coral, so I would expect a stutter around here, at least on the first test.

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