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Bulls aiming for 8515

Published 15/05/2024, 10:09

The 8400 level has been defended and that keeps alive the likelihood of the 8500 test, and possibly a bit higher towards 8515. The slight curve ball in the bulls plans today though may well be the US inflation news out at 1330, with a slight fall in April to 3.6% expected, from 3.8% previously. 3.4% YoY from 3.5% previously. Expect some volatility around this release, and we may well see a buy the rumour sell the news play out a bit for that.

Initial resistance this morning for the FTSE100 is at the 8488 level where have R2 and the key fib so we may well see any early rise and continuation from yesterday falter here, and a drop down to the key 2h support at the 8460 level. That said, I can also see a drop down to test the 8430 support area where have the 30m coral and also the daily pivot. If we do get a test of this then I would like to see a bounce here, and I am still expecting a test of the 8500 level before too long. 

If the bears break below the 8430 level today then we will more than likely see a retest of the 8395 level and set up a double bottom there, but with the bottom of the 10d Raff channel (both Raff channels are still firmly heading up) at 8430 I would like to see that higher support hold and tee up a bounce. 

Below 8395 then 8380 is the key fib, and then S2 just below that at 8373 but I am not expecting that low unless the 1330 news really spooks the bulls and boosts the bears!

Resistance wise, above the 8490 initial key level is the 8515 as mentioned, then 8528 above that. We may not get that high though, and with R3 here a stutter may well happen. 

It's all remaining bullish for the moment and with the bounce yesterday the 2h chart is looking more positive again. Likewise for the S&P500 with the defence of the 5200 yesterday and a now bullish 2h chart with 5245 as support from the Hull MA on that. 

So watching the 8430 level as support and 8490, 8515 as resistance for today. 

Good luck.

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