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Bounce likely today with 7640 7600 support | 7705 7745 resistance

#1 · 22nd September 2023, 9:00 am

Technical analysis for FTSE 100 for 22nd September 2023

The BoE held rates yesterday and after the initial spike up to 7740 we got the decline to retest the 7640 support level. That is support for today's session as well, and a break of that would likely see a test of the next daily support and S1 level at 7604. I am not sure that we will get that low and in fact we may well see a bit of a bounce across the board today.

The sell off this week has been fairly aggressive in the US and as such, we may see a few brave bulls try and pump it up a bit. The tech sell off yesterday may have got a bit ahead of itself as well.