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Bulls on the back foot again with 8222 8272 resistance | 8160 8118 support

#1 · 8th July 2024, 10:25 am

Technical analysis for FTSE 100 for 8th July 2024

Off we go for a new week with the new government hitting the ground running. The drop off 8280 could gather some steam to start with this week, and I am looking at initial support at the 8160 level as we have the key fib and S1 level here.

If we do hold that and bounce, then a climb towards the 8220 area would make sense, though this appears to be quite strong resistance for today so the bulls may well struggle to break above this. The daily pivot and red 30m coral are both here, while the 2hr chart is also bearish and has Hull MA resistance at 8227.

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