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Potential rise and dip if 7650 holds | 7620 below | 7685 7715 resistance

#1 · 4th March 2024, 10:33 am

Technical analysis for FTSE 100 for 4th March 2024

A great bounce off the 7650 level on Friday however the bulls still haven't recaptured the 7700 level. If they manage today then it may well stall just above as we have some key resistance at the 7715 level and also the top of the 10d Raff at 7722. As such, we may well see a rise and dip today as we start off with a bull Monday but weaken later.

Initial support is at the daily pivot at the 7675 level and we also have the 30m 200ema just below this at 7670. As such the bulls will be keen to defend this area to start with. Below this and then a retest of Fridays low and the S1 level for today at 7650 would be quite likely. We also have the now green 2h coral here so that also lends a bit of weight to that support area.