Rise and dip with 8265 resistance

It was a modest drop off the 8222 resistance level yesterday and the bulls have fought back to bring it back above the 8200 level to start bear Tuesday. It actually looks like we may well get a rise and dip play out today, and the only major news is Fed Chair Powells testimony at 15:00. 

To start with the key support is at the daily pivot 8206 and also the green 30m coral here. The bulls however will need to break above the 2h Hull MA at 8233 currently if we are to get a rise towards the next main resistance at the 8265 level. 

If we do see 8265, and with R2 and the key fib here, then a short here is worth a go for a drop back down towards the 8200 level. 

Support wise, below the 8200 level then 8180 remains in play and also is S1 for today which would also set up a decent double bottom with yesterday. However, slightly lower down we have the 8150 level with S2 and the key fib here, and should we test that then I would like to see a bounce here.

The daily Raff channels have levelled off as well as you can see on the daily chart, and it will be interesting to see if the bullishness from the USA starts to pull the FTSE100 up as well. Yesterday the pound rose to the 128 area, which kept a slight lid on the FTSE100 exuberance (as most companies in the FTSE100 earn in dollars, earnings, and in turn the share price, are affected). 

So looking at a bit of a range for today between 8150 and 8265, which is pretty wide and we may not do that full crossing today. 

However, below 8150 then the 8100 area is the bottom of the Raff channels and would probably be seen if the bears were to really go for it, while above the 8265 level then 8301 daily resistance is next up, with 8367 above that. Not expecting any of those today but do bear them in mind.

Good luck today.