Technical analysis for FTSE 100 for 9th April 2024
The main UK share indexes rose on Monday, supported by miners as Shanghai copper prices touched record highs, while betting group Entain rallied on speculation of a potential takeover. The commodity-heavy FTSE 100 closed 0.4% higher following a sluggish start to the session, while the midcap FTSE 250 index added 0.7%.
Investors looked ahead to U.S. inflation and UK GDP figures later this week for clues on the path of monetary policy.
UK equities logged weekly losses on Friday after stronger-than-expected U.S. economic data prompted investors to scale back bets of several interest rate hikes from the Federal Reserve this year.
Britain's GDP data on Friday is expected to show the economy grew 0.1% in February, on a month-on-month basis, following a 0.2% rise in January.
A Deloitte survey showed concern about economic uncertainty among large British companies has fallen to its lowest since mid-2021, but the improved mood is not yet translating into stronger investment.
FTSE 100 technical analysis for today, 9th April 2024
The daily pivot appears to be initial support as the bears didn't really drop it off the 7945 level yesterday nor overnight, and as such if this holds we may well see a rise and dip today. There isn't any news of note again so more of the same as per yesterday really, and a drift higher towards the resistance at the 8000 area would make sense.
7997 is R2 and just below the round number of 8000 so that would be the first test and we may also possibly get another test of the 8020 area.
Below the daily pivot the next support of note is at 7905 where we have S1. That is also just below the 7912 Hull MA support as well.
Generally I am thinking that we will have another slow day and a rise and dip will likely play out.
Good luck today.
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