Technical analysis for FTSE 100 for 10th April 2025
Well there's the inevitable bounce with the FTSE100 now back above the 8000 level and a 90 day tariff pause, apart from a ramping up against China. As such we are back into buy the dip mode as we may well see some of that out of hours rise retrace this morning. A drop down to the daily pivot at the 7971 level may well play out initially, and the bulls will be looking for entries again - this area makes sense as it could then act a s a springboard to get the price back above the 8000 level today.
The powers that be would probably quite like the FTSE100 to end the week back above the 8000 level as well!
The 30m coral is now also green and ties in with the daily pivot to give support here. The 2h chart remains bullish of course, having stayed bullish all day yesterday, and the coral on that is likely to turn green shortly giving support at the 7735 level if it decides to drop right back down again.
Below the daily pivot at the 7971 level then the 7764 S1 support is also on the radar, though we do have a key fib at 7922 in play for today also. Therefore if the early morning dip goes below the pivot then look for a reaction at this level instead.
Resistance wise, the bulls will be looking to break the out of hours high at 8180 today, and if they get their game on then a potential rise towards the R1 level at 8351 is possible.
Prior to that then it's really a double top with the level that it spiked to last night which is 8178 so keep an eye out for this and the bulls breaking above it, profit taking and also the bears having a go here.
If they do then it will be worth adding to longs on a break of that for a push higher. As mentioned they will be keen to pull away from the 8000 level to get some more headroom for when we drop back again on some random tariff news!
On the news front the March CPI data is out for the US at 1330 so we will likely see a reaction to that, as the forecast is for a drop back.
Good luck today.
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