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Bulls have disappeared | Retail Sales | US PCE | 8105 8137 resistance | 8050 8015 support

#1 · 20th December 2024, 11:24 am

Technical analysis for FTSE 100 for 20th December 2024

The bears are still holding the upper hand for the moment and 8050 looks to be key support for today as we have S2 and the bottom of the 20d Raff here. As such a long here his worth a go.

Initially the bulls will be looking to move the price above the 8100 round number as that would lead to a test of the 8137 level where we have R1 and the 200ema on the daily chart. This level therefore will be fairly key resistance and a break of this would then likely see a rise towards the R2 and daily level at 8161-8168.

We have retail sales out this morning, which have just come out below forecast at 0.2%, though an improvement on the previous month of -0.7%. Later today, at 1330, we have the USA inflation figures with a rise to 2.9% forecasted, versus 2.8% previously. As the Fed cut rates yesterday they will be hoping that it does come in as forecast!

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