Technical analysis for FTSE 100 for 10th March 2025
The bulls will be keen to maintain the momentum bounce from Friday and it was a good hold of the 8630 support area in the end. That has made the 2h Hull MA positive now, with 8685 locked in as decent support to start with, and also linking in with the green 30m coral line here as well. As such I would like to see this level hold and we get a bit of a bounce up for a bull Monday towards the 8740 initially, and then 8783 above that.
8783 may well be a bit of a tough nut to crack and we could see some profit taking here ahead of a bear Tuesday tomorrow. We are a bit light on major market moving news scheduled for today so a move higher may well fit well, if we can defend the supports. The S&P500 bounced back well from the 5665 level on Friday and again the bulls will be keen to keep that going and defend the 5728 support level initially.
Support wise on the FTSE100, the 8680 area as mentioned but if the bears were to break below this then a slide down to the 8645 and then 8610 levels may well play out. That wouldn't bode well for the week though if the bulls can't build on this bounce today. It is also worth noting that the S1 and key fib level are both at the 8655 level so we could see this get a reaction on any early slide down and break of 8680.
The 10d Raff channel is still heading upwards and the bottom of that is at 8630 for today, where we also have the daily coral line. Yet another support to look out for.
If the bulls were to break above the 8785 level today though then we may well see 8829 R2 but that I am not expecting it today, despite this being R2.
For the Dax40 I would like to see the daily pivot at 23109 hold today, as we also have the green coral on the 30m just below this, at the 23083 level. As such a bounce from here towards the key fib resistance at the 23270 level would be good.
Likewise the S&P500 - a bounce up towards the 5800 area today would be good to arrest the steady declines for a while. The 2h chart is bullish to start with, but the bulls need to defend the 5728 level.
So keep an eye on the 8680 support area initially and let's see if we get a climb towards 8740 and 8780 today.
Good luck.
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