Technical analysis for 28th August 2026
A brief hiatus below the 10800 level yesterday saw a test of the 10775 level but the bulls have fought back above 10800 now and we may well see a rise and dip to close out the week. I am looking for a test of the 10880 area ideally today before the bears appear. Initially the 10827 level is back in play as it's been pivotal all week - initial resistance is there so the bulls will be keen to break that once again. They will be a bit gutted they lost 10900 so easily - though the low volume August trading period is nearly over and some more conclusive moves are on the horizon....
Support wise then if we get an opening dip and a drop down to the 10770 daily support level I would like to see this hold to set up the bounce. If the bears were to break that though then the next key support level is down at 10731. That said, I am thinking that we may well see some strength to end the week. The 10800 round number may halt any bearish advance as well....
Whilst the AI rally has survived Nvidia’s results, but today’s direction rests with the Federal Reserve. Chair Kevin Warsh speaks as inflation remains elevated, employment resilient and long-term Treasury yields close to levels that previously forced official intervention.
FTSE 100
Bias: Neutral / Bearish Short Term
The FTSE fell 0.8% yesterday to 10,792.54, its second consecutive decline and its largest one-day fall in around six weeks. More importantly, the index has slipped back underneath the 10,825 level we've been following.
- Key Levels
- The first resistance zone becomes 10,825–10,850
- If the FTSE rallies into that area and sellers appear, I think the short-term correction can continue, and we will fail to reach the 10880 area
- Above that 10880, 10,900 remains the important upside level.
- On the downside I'm watching:
- 10,775–10,790
- followed by:
- 10,725–10,750
- 10,775–10,790
- and then the psychological 10,700
- Primary Bias: NEUTRAL/BEARISH below 10,825
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