Technical analysis for 22nd April 2026
FTSE 100
- Bias: Bearish (weakest index now)
- Strong bearish candle
- Lost structure vs other indices
- Below key resistance trendline
- Plan
- Sell rallies:
- ~10,550
- Targets:
- 10,380 → 10,300
- Clear relative weakness vs US markets
DAX (Germany 40)
- Bias: Neutral → Bullish pullback
- Trend still up, but:
- Bearish candle + rejection from upper channel
- Sitting around pivot / mid-channel
- Plan
- Buy dips:
- ~24,100–24,200 (EMA / support zone)
- Short only if:
- Break below ~24,000
- Buy dips:
- Likely pullback first → then continuation higher
NASDAQ (US Tech 100)
- Bias: Bullish (trend intact)
- Still making higher highs
- Holding channel + above pivot
- Small pause candle = healthy consolidation
- Plan
- Buy dips:
- ~26,500–26,600
- Targets:
- 27,000 → 27,150 (R2–R3)
- Buy dips:
- Still strongest market overall
S&P 500 (US 500)
- Bias: Mild Bullish / Consolidation
- Slight hesitation candle after strong run
- Holding trendline + pivot
- No breakdown
- Plan
- Buy dips:
- ~7,050–7,080
- Only bearish below:
- ~7,000
- Buy dips:
- Likely slow grind higher
GOLD (XAUUSD)
- Bias: Neutral (range / indecision)
- Mixed candles, no clear direction
- Sitting around pivot + EMAs
- Prior bearish move losing momentum
- Plan
- Wait for breakout:
- Above ~4,800 → bullish continuation
- Below ~4,700 → bearish continuation
- Not clean right now → avoid or scalp only
Well we certainly got a bear Tuesday on the FTSE100 and Gold yesterday, with the former dropping down to test the daily 25ema support at the 10460 level and has bounced back a little bit after overshooting. We may well see another rise and dip today as the bulls try and take it up towards the Hull MA on the 2h chart at 10560 and this level looks like it will be worth a short.
If the bulls were to break above this then 10594 is R1 and with the round number here look for another short at this level. I am not expecting much higher than the 10600 but if they did so then 10718 is R2. Feels a bit optimistic though!
UK inflation figures have just been released showing a slight uptick to 3.3% as forecasted - traders will be having interest rate rises back on their minds now. Inflation climbed in March due to increased fuel prices, food prices and air fares.
Support wise then the 10426 key fib is below the 25ema on the daily at 10466, and that is also yesterday's low so once again look for a double bottom at this level and a subsequent bounce. Lower down then S1 is at 10388 and should that get tested I would like to see it hold.
Some more slightly positive news with regards to an indefinite ceasefire by Trump should help the US markets to continue to climb and build on the overnight bounce. That in turn may well filter through into the FTSE100. A daily close above 10500 would bode well for some more upside over the rest of this week, however the FTSE100 does still remain weak.
Generally therefore I am thinking that we will see a rise-dip-rise play out. The daily charts are looking more bullish with both S&P500 and DAX40 daily Raff channels heading upwards. The FTSE100 10d Raff has dropped off though given the recent hovering around the 10600 level and the drop off 10700. Whilst the 20d Raff channel is still heading up the bulls really need to get their momentum back!
Good luck today.
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