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BOE today with a possible FTSE100 rise to 7520

ByFTSEDayTrader Limited
AuthorNick Hilsden
Published 15/12/2022, 08:17

Todays big event is the BoE interest rate decision with a rise to 3.5% expected and highly likely. Traders will also be looking for clues that we may see less aggressive rises going forward, especially after the US inflation figures the other day. The UK will be hoping that we are past peak inflation here too!

Initially today we could see a buy the rumour sell the news pattern plays out once again, as we have the Hull MA support on the 2h chart at this 7468 level and a hold of this to start with would bode well for a rise towards the 7500 and possibly 7520 level. 7460 is also the green 2h coral and whilst its held overnight, it would be good to see it hold in hours too. 

A move below 7460 though and then 7420 beckons once again along with a possible test of the rising daily support at 7365 - a level that the bulls will want to hold I feel as it marks a very long term trend bottom. 

For the bulls, they will be looking to break that 7520 level, and maybe spurred by the BoE they may manage that, for a rise towards the 7550 our higher area. 7549 is R3 for today though we have a cluster of supports just below this at the 7530 level, namely the top of the 10d Raff channel and R2.

As such we could wee see any rises stutter at this area, and then a drop off from there. The ASX200 had a similar pattern with the rise and dip and it feels like we may well do the same, especially as we have the big news day. 

The S&P500 chart has gone bearish on the 2h timeframe and has 4022 as resistance with 3990 as coral support - a small range in play for that today to start with and a rise to 4022 then a drop off from there would mirror the FTSE and fit the charts pretty well. 

Not too much more to say really, good luck and don't forget the news at midday.

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