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US closed for Presidents Day | 7700 7655 support | 7720 7740 7784 resistance

#1 · 19th February 2024, 10:34 am

Technical analysis for FTSE 100 for 19th February 2024

The US markets are closed today for Presidents Day and as such we may well see a fairly lacklustre performance on the FTSE100. That said, the 7720 got a reaction on Friday, albeit a slightly muted affair, but that remains a key resistance for the moment. Above this then the R1 level at 7740 is next up and a test of that today looks likely.

That also aligns with the top of the Raff 10 day channel so we may see any early push to this area falter here, and then a drop back down to test the daily pivot support at the 7678 level. That would also mimic the ASX200 pattern. Just below that daily pivot then we also have the Hull MA at 7655 so I would like to see this level hold if it were to be tested.