Technical analysis for FTSE 100 for 10th December 2024
Still running a portion of the short from 8372 so continue to trail the stop on that. We may well see a bit more bear Tuesday to start with today and finally get the test of the 25ema on the daily, which is at the 8256 level to start with. If we do get that low then a long here is worth a go.
Initially we may well see a kick up to test the resistance at the 8340 area, where we have the daily pivot and the red 30m coral, along with the 2h Hull MA. It may well be worth adding to the short at this area for a possible run down lower.
However the bottom of the Raff channels are still in play, with the 20d fairly close at the 8295 level, along with S1 here. As such we could see the bulls defend this level, as it's also the round number. Think we will see if that plays out fairly early on today....
If it were to get really bearish and break 8250 then 8220 is the next level of note as we have daily support here, and it is just above today's S3 level at 8217. Whilst I think dips will be defended, I don't expect it to get this low.
On the flip side, if the bulls were to break above the 8340 level then yesterdays high at 8373 is next up, with a possible test of 8412 R2 above that. Not sure we will climb 100 points today, especially as we have a light news day, but the seasonal bullish bias is still hovering in the background.
German CPI is just come in as expected at -0.2%. May well give more reason for the ECB interest rate cut on Thursday.
Not much more to say really... watch 8340 for resistance and 8255 for support. Good luck today.
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