FTSE 100 - Daily

Another breakout attempt for the FTSE here after the inflation data

The FTSE 100 seems to have broken out more aggressively today, driven by the momentum from the data released earlier which demonstrated the easing of inflation in the UK. Currently, the index is trading at around 7,729. The next point of resistance for the bulls here is 7,747. A break and close above 7,747 could then see a push towards 7,795. The support for the index now is the previous trendline resistance, which reads 7,621. A move back into the area within the triangle may cause some uncertainty for investors and traders, indicating a lack of confidence that the recent good news, regarding inflation, will continue in 2024. Nevertheless, the technical indicators are positive with a rising MACD and the RSI reading 67.