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Bulls back in control with 8490 8503 resistance | 8420 8383 8340 support
Quote from Nick on 17th January 2025, 10:59 amTechnical analysis for FTSE 100 for 17th January 2025
Well that was a lot more bullish than I expected yesterday and rare for the FTSE100 to trend upwards for two sessions on the trot with no really reaction at resistance. It does though set up a decent play for shorting the rally today and initially we have 8460 as resistance with 8503 R2 above this. 8460 is the R1 level and also just below the 10d Raff channel (both Raff channels still heading upwards..... buy the dips on the longer timeframes still playing out) so we could stall here initially. If the bulls manage to break 8460 with conviction then we may well pop a bit higher towards the 8500 level and given it's Friday ahead of the inauguration we could see some profit taking.
Initially we have retail sales out for December at 0700 which have just come in below forecasts. Markets will be hoping that means more interest rates cuts likely (I still favour February for the next one, with a 0.25% cut). Retail sales dropped by 0.3% last month, slipping from a revised gain of 0.1% in November, according to data released by the Office of National Statistics. Retail sales rose by 3,6% on an annual basis, below the 4.2% growth expected, having seen no growth in November.
Technical analysis for FTSE 100 for 17th January 2025
Well that was a lot more bullish than I expected yesterday and rare for the FTSE100 to trend upwards for two sessions on the trot with no really reaction at resistance. It does though set up a decent play for shorting the rally today and initially we have 8460 as resistance with 8503 R2 above this. 8460 is the R1 level and also just below the 10d Raff channel (both Raff channels still heading upwards..... buy the dips on the longer timeframes still playing out) so we could stall here initially. If the bulls manage to break 8460 with conviction then we may well pop a bit higher towards the 8500 level and given it's Friday ahead of the inauguration we could see some profit taking.
Initially we have retail sales out for December at 0700 which have just come in below forecasts. Markets will be hoping that means more interest rates cuts likely (I still favour February for the next one, with a 0.25% cut). Retail sales dropped by 0.3% last month, slipping from a revised gain of 0.1% in November, according to data released by the Office of National Statistics. Retail sales rose by 3,6% on an annual basis, below the 4.2% growth expected, having seen no growth in November.