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Bulls fighting back but 8335 8375 8407 resistance | 8272 8221 support

#1 · 26th September 2024, 10:30 am

Technical analysis for FTSE 100 for 26th September 2024

The bulls are back on the front foot this week and we are looking at opening above 8300 again - as such it feels like a buy the dip day today, ahead of the PMI data out of the USA tomorrow. The bulls will be aiming for that 8400 resistance area still, and we have R3 at 8407 for today as well. The S&P500 and Dax40 futures are already strong, testing R2 levels before they even open. China has unveiled more stimulus measures which is helping the bulls.

Initial resistance for the FTSE100 is at the 8316 R1 level, and that also lines up with yesterdays level that we dropped off from, so any drop off from here down to the daily pivot area at the 8272 may well then find support. The Raff channels are still heading down though so the bulls do have to make a bit of effort if we are to see that 8400 level today or tomorrow.

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