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Can the bulls fight back now 7400 tested | 7415 7399 support | 7460 7530 resistance

#1 · 18th January 2024, 10:31 am

Technical analysis for FTSE 100 for 18th January 2024

The FTSE 100 hit a seven-week low on Wednesday after a stronger-than-expected UK inflation reading and U.S. retail sales data tempered hopes of early interest rate cuts this year, while underwhelming data from China hurt commodity-linked stocks.

Extending losses for a third straight session, the blue-chip index fell 1.5%, its worst percentage drop since August 2023. The midcap FTSE 250 index dropped 1.7% to hit a one-month low.

Britain's annual rate of consumer price inflation (CPI) rose for the first time in 10 months in December to 4.0%, above economists' estimates, over a rise in tobacco duty.