Technical analysis for FTSE 100 for 13th December 2024
A bit of a slow one for the FTSE100 yesterday with the bulls failing to break above the 8330 level, and then dropping back to the 8290 support. That has held overnight and we have just had some poor GDP figures released. Traders will be hoping that forces the hand of the BoE for rate cuts sooner as the economy slows down. Inevitable slow down really after the latest budget and the squeeze on earners and businesses, along with costs still fairly elevated.
For today initial resistance is at the 8305 area where we have the daily pivot, 200ema and the red 30m coral. As such we could see a dip and rise play out though volume will be lower today - Friday the 13th and those of a superstitious nature will sit it out. The 2h chart remains bullish and has the 8287 as Hull MA support still.
If the bears were to break below the 8290 level today then support is at 8250-8260 and I would like to see a hold of this if it were to be tested. This is S2 and also the daily support so in theory it should be fairly strong.
It will be interesting to see if the market shakes off that poor GDP data to start with, and if it does and breaks above the 8310 area then the next level of resistance is 8334 - this is a key daily level so may well garner a reaction. Above this then the 8376 remains in play being the recent high and is also just above R3, and the top of the 10d Raff channel. It feels a big ask but as it's Friday anything can happen (and usually does) so if seen then a short here is worth a go.
So basically look for 8310 resiatcne but if it breaks we may well see 8375 again. On the flip side, if we break 8290 then look for 8260.
Might be a weird one today so stay nimble. Good luck and have a great weekend.
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