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Quote from Nick on 12th December 2023, 10:21 amTechnical analysis for FTSE 100 for 12th December 2023
That drop down to test the 7500 had the look of a bit of a stop hunt but the bulls managed to defend it anyway, to get a bit of a bull Monday in the end. Things still look positive on the charts ahead of the various bits of data out this week. We kick off today with employment data at 7am, coming in largely as expected, then the more closely watched US inflation data later at 1500.
The three major central banks are seen keeping rates unchanged at their respective meetings this week. Traders expect the BoE to cut rates at a slower pace next year than the Fed and ECB.
Initially we have resistance at the 7586 level with the key fib and R1 here, and that is also aligning with the recent high on Friday, that we saw the drop off from. As such, a bit of a double top reaction here this morning would make sense with the bears attempting bear Tuesday. The ASX200 was pretty bullish today though so we may well see the bulls try and keep the momentum going and a push towards the 7625 resistance level mentioned a few times in the emails.
That drop down to test the 7500 had the look of a bit of a stop hunt but the bulls managed to defend it anyway, to get a bit of a bull Monday in the end. Things still look positive on the charts ahead of the various bits of data out this week. We kick off today with employment data at 7am, coming in largely as expected, then the more closely watched US inflation data later at 1500.
The three major central banks are seen keeping rates unchanged at their respective meetings this week. Traders expect the BoE to cut rates at a slower pace next year than the Fed and ECB.
Initially we have resistance at the 7586 level with the key fib and R1 here, and that is also aligning with the recent high on Friday, that we saw the drop off from. As such, a bit of a double top reaction here this morning would make sense with the bears attempting bear Tuesday. The ASX200 was pretty bullish today though so we may well see the bulls try and keep the momentum going and a push towards the 7625 resistance level mentioned a few times in the emails.