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ECB rate cut | 8315 8294 support | Rise and dip | 8395 8438 resistance

#1 · 17th October 2024, 10:26 am

Technical analysis for FTSE 100 for 17th October 2024

A good fight back from the bulls yesterday after the CPI news, with a test of the 8350 level at the end of the session. For today it looks like we might well see another push up, with the 8395 area in the bulls sights. There are a few resistance levels here including R1 and as such I would like to see some (a) profit taking and (b) bear attack at this level.

If that played out then a dip down to the 8315 daily pivot would fit very well for another push up later as the US comes online - the S&P500 needs to break the 2h resistance at the 5855 level so again we could see a rise and dip play out on that.

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