Rise towards 7265 today | 25 point dividend | Trading Technical Analysis

Bulls fight back as Middle East worries shaken off | 7570 7503 support | 7666 7686 resistance

14th February 2018

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The FTSE 100 had a fairly flat day yesterday despite the news showing headline CPI remained at 3pc in January but core inflation jumped 0.2 percentage points to 2.7pc. The news also saw the pound climb as much as 0.8pc against the dollar to above $1.39 following the release. The news lends weight to the case for the BoE to raise rates sooner to curb inflation, which in turn subdued the FTSE 100. The US markets continued to slowly climb though from the recent lows, with the S&P testing the 2670 area again. Most markets were fairly subdued awaiting US inflation news today. The forecast is a slight decline to 1.9% from 2.1% previously.

We also have a 25 point dividend today on the FTSE 100 so that is likely to see some dividend buying as we head towards the bell.


FTSE 100 Forecast and Prediction

7200 level still looks key and the bulls need to break this for a rise towards the 7265 resistance level. There is a fib level at 7237 first, which may see a bit of a stutter if the bulls do buy it up today, but generally I think that we may well see a rise today.

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