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Inflation increases but below forecast | 8291 8307 8353 resistance | 8250 8233 support

#1 · 14th August 2024, 10:51 am

Technical analysis for FTSE 100 for 14th August 2024

Nice climb off the supports yesterday for the FTSE100 and and the S&P500 to yield a decent haul. We may well see that continue into today, though data shows that the inflation rate picked up for the first time this year but remained below the level economists and the BOE had expected. This does though bolster the case for further rate cuts after August's reduction.

Initially today we have key resistance at the 8300 area, with 8287 on the daily, 8291 as the key fib and then round number. We have just spiked to this region on that inflation news, so a small dip back from here to test the 8250 support area would fit well and hopefully isnt too much to ask!

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