Technical analysis for FTSE 100 for 10th February 2025
Off we go for another week and another weekend with Trump throwing some tariff talk into the mix, this time on steel and aluminium. The FTSE100 however didn't really react (unlike the ASX200!) and we are looking at an open around the 8700 level. This is also the daily pivot to start with, however I am thinking that we could see an initial dip down to test the 2h coral support at the 8667 level and also Friday's low.
Ideally this holds and we get a bull Monday kick in for a rise towards the 8766 area and a test of the key fib, daily resistance and the R3 level. The daily Raff channels also continue to head up maintaining the bullish overtones for the time being. However, with Friday being on the weaker side, the 2h chart is weakly bearish to start the week off.
If the bears were to break below the 8680 level then 8645 is next up with the key fib and a daily support level here, and a level that the bulls will want to defend as a break of this will likely see a slide down to the 8626 S3, and then 8368 daily support below that. Probably not today for that latter level though.
So, if we were to get a bull Monday then ultimately 8766 as mentioned though bear in mind that on the upside we also have 8845 showing as a possible daily resistance level.... again I am not expecting it to get that high today. On the path to this 8766 today though, we also have 8724 for R1 and then 8753 for R2, so we may see the bears try and defend R1 to start with.
On the news front the main events are BoE Bailey at 12:15 and then Fed chair Powell testifying at 15:00 - this may well provide a bit of volatility at that time so bear that in mind.
Not too much more to say, but expecting a bullish day to play out and ultimately a rise towards the 8765 area.
Good luck today
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