Technical analysis for FTSE 100 for 3rd March 2025
That was quite the rise on the FTSE100 on Friday that has rolled through into today and we have the new month money to help as well. With the bulls finally managing to crack the 8800 level then a rise towards the 8920 level next is distinctly possible and a test of the top of the 20d Raff channel. The US bulls will be keen to recapture the 6000 level and we may well get a test of the 25ema on the daily at 6017 today.
Initially for the FTSE100 we have the R1 resistance level at the 8886 so we could see a retrace from here back down towards the 8800 area and a gap close. If we were to do so then the bulls may well strike here again, as we have the green 30m coral and the Hull MA on the 2h just below this. As it's also the round number they will be keen to defend this.
The daily pivot its at 8782 and there is an outside chance of a drop that low, but if it were to break that then the next cluster of supports are at 8730 with S1, 30m 200ema and the key fib all here. I am not expecting it to get that low.
Generally today I am thinking that we will see a bull Monday (though maybe not as bullish as crypto today!) and a break of the 8886 level. A test of the 8930 level would be good today and fit the chart well. Bear in mind that we are very likely to see 9000 this year, and it may well be sooner rather than later.
We have UK manufacturing PMI data out at 0930, with a forecasted dip from the previous level. We may well get some volatility then. At 1445 and 1500 we have US news out as well, with their manufacturing PMIs out.
With regard to the Dax40, we may well see a dip and rise play out this morning and a test of the 22500 support level. With the 30m 200ema here, and just below the Hull MA support at 22541 I would like to see any dip defended. The bulls will be keen to break above the 22790 R2 level and the top of the 10d Raff channel here.
The S&P500 is also looking a bit more positive to start the week and as mentioned will be keen to recapture the 6000 level. As such, buying the dip initially to target the 6017 level makes sense.
Let's see if we get a new month money kick up to start with today. Good luck.
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