Technical analysis for FTSE 100 for 18th March 2025
Decent bull Monday yesterday with the 8625 support level being the spring board for a rise all the way to the 8713 resistance level which failed to break. So far anyway! Overnight it's remained at the 8700 area and we may well see a rise a dip today for a bit of bear Tuesday over the course of the day. The bulls will be aiming to get it up towards the 8740 area where we have two key resistance levels in play - R1 at 8737 and the key fib at 8743, along with the top of the 10d Raff channel here.
It's certainly looking more positive now, and the US is fighting back too as the S&P500 continues its climb from 5500. The daily channels are however still heading downwards and the test of the 25ema on the S&P500 at 5807 still remains viable. The daily FTSE100 chart has gone bullish again with 8663 25ema support attempting to lock in now.
The 2h FTSE100 chart remains bullish with Hull MA support at 8640 now, and the green coral at 8585 lower down.
Initially today I am thinking that we may well see the bulls have an initial go and we get the rise towards the 8740 area before a drop off there. Above that though and the 8774 level is the next one to look for with R2 here. I don't expect it to get much higher, despite the buy the rumour part ahead of the Fed tomorrow...
Support wise we have the daily pivot initially at 8680 which may hold, though a break below this will likely see a test of the S1 area at 8643, as we also have the key and 30m 200ema just below this at the 8630 level - along with that 2h Hull MA as mentioned - if we do see this then a bounce here would make sense.
Lower down than 8586 is S2 though that feels unlikely today. No major market news out today either, though oil is sneaking back up and the Isreal/Hamas ceasefire appears to be off now....
The S&P500 may also rise and dip today with another test of the 5700 level. We are also at the top of the daily Raff channels in this area so the bulls will certainly have a job on their hands to break above this. 5600 Hull MA is decent support if it does slide, with 5625 just above this.
The Dax40 may well play in a range between 23315 and then daily pivot 23142 so keep an eye on those levels.
Good luck today.
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