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CPI falls to 1.7% but real inflation higher | 8272 8330 8370 resistance | 8245 8220 8202 support

Nick@ht-admin
#1 · 16th October 2024, 10:39 am

Technical analysis for FTSE 100 for 16th October 2024

The bears certainly took advantage of the slide from 8330 yesterday and a circa 100 point drop ahead of today's CPI figures. That has just been released and shows CPI rose by 1.7% in the 12 months to September 2024, down from 2.2% in August 2024. As such, that may help the bulls in the short term who will be looking to get it back above 8300.

However, the 2h chart is bearish to start with and has 8271 as resistance which also links in with the daily pivot and the 30m 200ema. We could see the bears try again from here, but a break of that will likely lead to the 8314 key fib level. Once again the bulls need to break that 8330 level to push higher, and if they manage that then the next significant level is 8408 R3, and then the daily resistance at 8459 - though that's probably a big ask for today!

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Last edited on 16th October 2024, 10:40 am by Nick