Technical analysis for FTSE 100 for 23rd April 2025
And the wind changes direction again as Trump changes his mind, sparking a rally in stocks yesterday. That saw the FTSE100 break above the 8400 level though it does help my plan of a decently bullish end of April play out well! Today I am looking at the daily pivot as the main support level at 8360, especially if we retrace a bit of the out of hours rise. It does feel like we are firmly back at the buy the dip stage of the cycle.
Gold is also starting to retrace from its record 3500 high test yesterday, and has already dropped quite considerably, now at 3315. Short the rallies on that. At least until Trump announces the next random thing!
So back to the FTSE100, and we are just on some initial resisted to start with as we have the key fib at 8434 and then the overnight high just above this at 8464. If the bulls manage to break above this latter level then look for a test of R1 at 8525. Certainly gaining some decent ground now for the bulls considering it was at 7550 earlier this month!
If they were to break above R1, though it feels like it could be a big ask, then 8600 is the red daily coral and with R2 at 8617, this area could prove to be a stumbling block, at least initially. I am not expecting it to get this high though.
Support wise then, the daily pivot as mentioned is the main one to look for at the 8359 level and we also have the Hull MA at 8350 on the 2h here as well. As such I would like to see any test of this area hold and it would certainly set up a decent bounce if it does hold.
Below 8350 then 8307 Is the key fib and just above the round number, with 8265 S1 below that. It does feel like we will more than likely see bullish equities and bearish gold today though. Even Tesla shook off a big drop in profits last night and saw the share price actually rise!
On the news front we have various PMI figures out at 0930, and US ones at 1445 so expect some chop around these times.
The Dax40 is also looking ripe for a dip and rise day, with a test of the daily pivot at the 21473 level looking like decent support. We also have the green 30m coral here. Below that then the bullish 2h chart has support from the Hull MA at 21300, and the green coral at 21220. The bulls will be looking to ultimately get a rise towards the red daily coral at 22700 though at the moment, as they have managed to break above the daily 25ema at 21550 yesterday.
The S&P500 bulls need to break above the 5427 25ema on the daily now and do have a bullish 2h chart tailwind to help at the moment, 5220 support on that currently. Prior to that though the 5312 daily pivot level should;d defend any drop down and we also have the green 30m coral here. As such I would like to see this hold as well to set up a bullish session going into the close.
Good luck today.
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