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Bears take charge and punch Santa | 8202 8176 8140 support | 8260 8280 8312 resistance

#1 · 17th December 2024, 11:18 am

Technical analysis for FTSE 100 for 17th December 2024

Cracking drop off the 8305 resistance area yesterday in most definitely not a Bull Monday, and it eventually tested the 8255 level just before the close. The modest bounce there fizzled out, and overnight we have seen the 8225 support area instead. The bulls will be keen to defend this today otherwise it could slide down as low as 8170 which is the next key daily support area.

That said, we have the 8200 area flagging up a few key levels with the green daily coral here (first test since going green), S1 and the key fib. As such, if we move below 8220 I would like to see a bounce here. The Santa Rally is elusive so far! Maybe the Fed can make it appear tomorrow.....

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