Technical analysis for FTSE 100 for 19th June 2025
Overnight we have seen another sell the rally kick in, with a lower high at 8870 this time as the markets remain fearful. The Fed talked it down last night, the USA is brewing on the sidelines regarding the Middle East, and we have the BoE today with rates highly likely to remain as is. As such a rise and dip again with a buy the rumour, sell the news (and short the fear!) later on would make sense. The bulls have certainly fought valiantly to keep the price above the 8800 level for the moment, and 8900 remains the line in the sand that they need to break.
Initial support is S1 at 8821 and then the slightly stronger support at S2 8800. With this also being the round number then we may well see at attempt at a defence of this should it be seen. If we do then a rise towards the daily pivot at 8840 may well play out. If the bears were to break below the 8800 level though then 8775 is next up where we have a test of the 25ema on the daily and a likely bounce point, as that is also just above the 8760 daily support level.
Below 8760 then we may well see another 100 points come off quite easily so be aware of that.
The US is closed for a public holiday today so that may well limit the volatility as it does sometimes, however, the FTSE100 may well be more fearful today given the drop on the S&P500 from the 6020 level last night.
For the bulls then the 8840 level where we have the daily pivot is the main one to start with, and then R1 at 8862 above that. This level looks to be worth shorting as it's the overnight high as well. The bulls could struggle to push on past that but if they did so then 8880 is R2, but they could manage to get R3 and the key fib at 8900. Once again this is strong resistance so should see the bears have a go so worth a short here if it got that high again.
Looks unlikely but above 8900 then 8909 is the top of the 10d Raff so close by. Meanwhile;e the top of the 20d Raff is now above 9000 at 9030 for the moment, and still rising. Some of the longer term charts are showing 9300 as a potential!
We have the BoE at midday though unlikely to deliver any surprises, and rates to remain at 4.25%. Traders will be looking to see voting intentions though and who wanted to raise, cut or hold.
For the DAX40, we have initial support at 23192 with S1 here and the key fib at 23204. As such an early hold of that could see a rise towards 23300 and a test of the red 30m coral. If it breaks though then a slide down to 23088 S2 is possible and this also looks like a bearish session is on the cards. The daily chart is firmly bearish now too with 25ema resistance at the 23625 locked in, and both the Raff channels heading down. Above 23300 23349 is the daily pivot and the 23450 above that. If 23450 is seen then a short here is also worth a go as we have R1 and the 30m 200ema.
The S&P500 looks like a rise and dip but with the US closed today, movement may be muted. 5985 daily pivot looks good for resistance to start with, if the bulls can get some buying going in Europe and drag it up. The 2h chart is bearish though with the Hull MA resistance at 5988 and dropping, so marries up with the daily pivot and a drop off from here today.
Good luck today
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