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Bounce today if 7800 can hold | 7906 7974 resistance | 7787 7750 support below

#1 · 17th April 2024, 9:46 am

Technical analysis for FTSE 100 for 17th April 2024

Well the bears are still in charge given the uncertain backdrop though Bailey talking a good game yesterday to try and boost things alluding to rate cuts in the UK. Powell on the other page and saying don't hold your breath - not really much of a surprise though!

Initially today we may well be on for another test of the 7800 level to start with and a double bottom with yesterday. If that holds it should set up a climb towards the 7900 area where we have some key resistance for today from the 200ema, key fib and the R1 level. The bears may well then reappear here in force if we get that high.