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Fed cuts 50bps | BoE likely to hold | 8300 8273 support | 8343 8378 resistance

#1 · 19th September 2024, 9:59 am

Technical analysis for FTSE 100 for 19th September 2024

Today it's the BoE's turn, but no rate cut expected this time, as inflation is still being stubborn. They may well want to wait till next month and see if the economic situation has deteriorated or not... As such we may well see a dip and rise again today, as some profits get banked having bought the dip as expected yesterday.

We are looking to open at around the key fib level at 8326 which may well then see us drop down to the key supports at the 8270 area, where we have the daily pivot, 200ema and 30m coral as well. I would like to see any test of this level hold as that should then set up a bounce towards the 8350 level again and a double top with the recent high.

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