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US CPI 3.7% | 7990 8020 resistance | 7950 7921 support | US bulls in play

#1 · 10th April 2024, 8:44 am

Technical analysis for FTSE 100 for 10th April 2024

A decent hold of 7925 yesterday which saw the bulls eventually climb towards the 7990 level which it looks like we will test first thing today. I am still looking also for a test of the 8020 resistance area and today's US CPI news at 13:30 may well be the catalyst for that. The forecast is for a slight drop to 3.7% from 3.8% previously.

So with initial resistance at the 7992 level as we have R2 and they fib here, along with it also being a key daily level, we may well see an initial drop down to retest support, now at 7952 for a test of the green 30m coral.