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Drops off 8000 but 7866 support now | 7945 7960 7996 resistance

Technical analysis for FTSE 100 for 3rd April 2024

That was a bit of a frustrating one for the orders yesterday but the shorting at 8000 area was definitely the trade of the day. The bears have managed to almost hit 7900 now, but we have decent support here to start with as we have the key fib, S1 and overnight defence all here.

As such we may well see an early rise towards the 7950 area where we have the 200ema on the 30m as first resistance and a possible drop off from here. We have Eurozone inflation data today (at 10am) and ISM services at 3pm in the US, along with another Powell speech at 17:10 - expect some volatility at these times.