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The bears test 7700 | 7730 7755 7785 resistance | 7692 7684 7660 support

#1 · 19th March 2024, 10:45 am

Technical analysis for FTSE 100 for 19th March 2024

Disappointing effort from the bulls yesterday and a test of the 7700 level overnight once again. They now need to break above the 7725 area where we have the daily pivot for today, along with the 30m 200ema. The ASX200 was particularly bullish today, and it's bound to be pretty choppy based on the various central banks announcing rates. BoE will remain as is I expect, as will the Fed tomorrow. We have UK inflation out tomorrow as well.

So initial resistance from a cluster of them at the 7725-7728 area may well see a reaction if the bears are going to try for a bear Tuesday, and then above that we will eventually test the various 2hr resistance levels - 7740 for the Hull MA and then 7755 for the coral. 7741 is also the R1 level for today so that level should get a reaction if they break above 7728.