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Bears have a pop to test the 8220 support | 8185 below | 8240 8280 resistance

#1 · 29th May 2024, 8:39 am

Technical analysis for FTSE 100 for 29th May 2024

A poor defence of 8300 yesterday and we have now dropped all the way down to the lower daily support at 8225. A break of this now means that a test of the 8180 level is likely, with the green daily coral support here, along with S2 for today. If we see that then I would like to see a bounce here.

Initially though we may well see a climb to start with, towards the 2h resistance at the 8270 area, which ties in with the daily pivot for today as well. Above this and then the bulls will be aiming for the 8310 level where we have the 200ema on the 30m, and just below R1 at 8320. The bulls would do well to break above this today though as in the absence of any major news again, plus the US dropping back they are on the back foot.