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Bulls will want to defend 7800 now | 7846 7865 resistance | 7755 support

#1 · 21st March 2024, 10:20 am

Technical analysis for FTSE 100 for 21st March 2024

Overnight we have seen the 7800 level and that brings the daily resistance level at 7846 (also the top of the 20d Raff channel) into play for the first key resistance. Above that then I am also looking at the 7865 level which is R3 and the top of the 10d Raff channel. As mentioned in yesterday's email, the Raff channels are pretty positive, both heading up. And in the key trends table above you can see that we are green across the board. Unfortunately I also feel that a bit of caution is maybe due soon, due to a couple of other factors that I look at. The market can get quite irrational at times but better to wait for a confirmed short signal before trying to short a rally, in terms of swing trades anyway.

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