Technical analysis for FTSE 100 for 11th January 2025
Some quarters are predicting a very bearish day today and following Friday's drop then it's quite likely. The backdrop is generally lending some weight to the bears, and the S&P500 dropped off the 5920 resistance level very well on Friday. Likewise the FTSE100 failed to break above the 8320 and dropped 100.
Initially today we could see a rise towards the daily pivot at the 8272 level, and that would also tally with the Dax40 and S&P500 also doing the same, before we see more bears pile in.
The bulls will be looking to break above that though and get a rise back above 8300. However we have the 2h Hull MA at 8290 which is likely to be a tough nut to crack if it were to get there today. A bull Monday might be a bit hard going today.
Higher up then the key fib for today is 8325 should it fly in the face of the bearish backdrop.
Initial support is at 8220 where we have S1 and the key fib, but if the bears were to break this then S2 at 8186 and the daily support at 8177 looks like a decent support zone - the bulls will be keen to defend any drops. On the flip side, Rachel is back from China to calm the bond market.......
If it were to get really bearish and break lower than 8180 then 8133 is S3 and the next area to look out for.
It's worth noting that the 10d Raff channel is still heading upwards and the bottom of the channel is at 8219 level as well, tying in with the key fib and the 25ema on the daily at 8215. That would be the first test of this level since it went bullish with the EMA cross over, so in theory it may well see some brave bulls initially. Certainly worth trying a long here and can always add to it if it does start to bounce..... Add to winners, cut losers being one of the rules!
Good luck today.
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