Technical analysis for FTSE 100 for 29th April 2025
A bit of a lacklustre day for the FTSE100 yesterday but the worm has turned in the bulls favour, and we may well break above the 8470 resistance in due course. The S&P500 defended the 5475 support well in the end last night and the bulls have managed to hold above the 5500 level once again. For today I am expecting them all to build on this strength that is coming back in and we may well see a more optimistic bear Tuesday than usual.
Initially today the FTSE100 may well attempt a rise towards that 8470 level. An initial short here is worth a go and I am thinking that the bulls will defend any drop down to the 8423 daily pivot level. Working against the bulls though is the bearish 2h chart, with the Hull MA resistance at 8468 as well. So again, this level is key for the bulls to break above.
Ultimately if the bulls can stay in control then with the steeply rising 10d Raff channel we should be on track for a rise towards the 8700 area again. Prior to that then the R3 level for today at 8512 may well cap any proceedings, especially as we have US news at 1500 with consumer confidence and JOLTS.
Support wise, below the 8423 daily pivot then 8392 is S1, and also just above the bottom of the 10d Raff channel at 8383, so if we were to slide down to this area then a long here is worth a go. 8400 is also the 30m 200ema. The daily chart is also on the cusp of going bullish, with the 25ema support about to lock in at the 8365 level.
Lower down then S2 is 8364 and we also have the key fib here. I don't expect this level but if we did see it then it looks pretty key for the bulls to defend.
Back to the bulls and if they were to break above the R3 level then 8535 is the red daily coral, and it would be the first test of that. As such I would expect a stutter on a test of this line.
For the Dax40, the 2h chart has bearish Hull MAs but bullish coral - resistance at 22520, and support at 22275 respectively. With the key fib at the 22496 level I am thinking that we may well see the bears appear here if it gets that high. A short here is worth taking. It feels like the bulls will be keen to defend the 22300 level. The daily chart has also locked in bullish Moving Averages as well now. The 25ema support is down at 21773 currently but steadily rising.
For the S&P500, the bulls will need to defend the daily pivot at the 5513 level today, but also break above the 5555 area - we have both R1 and the Hull MA resistance on the 2h here, and also the key fib resistance at 5557. Support below the pivot is then at 5480 with the 2h coral and splitting S1 at 5473 and the key fib at 5485. A such should it get this low then a long in this area is again worth a go.
Good luck today.
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