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Powell Speech | September rate cut | 8290 8240 support | 8320 8346 8372 resistance

Nick@ht-admin
#1 · 23rd August 2024, 11:16 am

Technical analysis for FTSE 100 for 23rd August 2024

Jackson Hole concludes today, with the speech from Powell later at 1500. More than likely to infer rate cuts in September as is generally expected and has helped to underpin the bounce since the recent lows.

For today the FTSE100 will be looking to defend the 8290 daily pivot level and a push up towards the 8372 area ultimately may well be on the cards. We  have a few key resistance levels here for today, along with it being the recent topping out level.

The bulls will therefore have a bit of a job to break above this, especially as its a Friday ahead of an extended weekend (bank holiday in the UK on Monday) and we may well see some profit taking at this level should it be tested.

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Last edited on 23rd August 2024, 11:26 am by Nick