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Last full day before Christmas | 7700 7745 7763 resistance | 7650 7625 support

#1 · 21st December 2023, 9:50 am

Technical analysis for FTSE 100 for 21st December 2023

British equities jumped on Wednesday as investors cheered a surprise drop in domestic inflation, which spurred hopes that the Bank of England (BoE) could consider interest rate cuts early next year. The blue-chip FTSE 100 advanced 1.0%, touching its highest level since May 24 earlier in the session, outpacing the pan-European STOXX 600, which closed 0.3% higher.

Bulls got blindsided a bit yesterday with the late sell off, as the S&P500 dropped right off its Hull MA resistance at the 4777 level. For the FTSE100, having managed to reach the 7780 level on the inflation news at 7am, it never retested that, and then continued dropping. It has since tested the Hull MA support at the 7650 area and it's held that overnight so we may well see a little kick up at the open to test the daily pivot and the 30m coral resistance at the 7700 area.