FTSE fall after CPI data but near-term action remains within 7326/74 range
|FTSE100
FTSE dipped to the session low at 7334 on upbeat UK CPI data that boosted pound, falling from session high at 7367, where hourly cloud base capped recovery attempts. The index is holding within 7326/7374 range for the third straight day, after pullback from fresh record high at 7444 found footstep at 7326 pivot (Fibo 61.8% of 7254/7444 upleg, reinforced by rising 20SMA). Near-term studies are in neutral mode, as the price is in range-trading, however, overall picture remains bullishly aligned. While 7326 support holds, scope exists for fresh attempts higher. Break above range top and filling last week's gap are needed to generate stronger bullish signal and re-focus 0.7444 top. Otherwise, increased downside risk could be expected on violation and close below 7326 Fibo support that would expose next pivot at 7309 (sideways-moving daily Kijun-sen) and risk return to 7254 (09 Mar trough) on stronger bearish acceleration.
Res: 7367; 7374; 7399; 7424
Sup: 7334; 7326; 7309; 7298
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