Technical analysis for FTSE 100 for 14th March 2025
A bit of respite for the bulls yesterday as the FTSE100 failed to break below the 8500 level and they will be looking to build on that today. However, GDP data has just been released which shows further declines in UK GDP, not really surprising though. Initially today we could see a rise despite that towards the 8591 R1 level as we also have daily resistance here at 8582. If the bears can defend this then a fall back down to the daily pivot area at 8550 is likely.
Above the 8591 level then the bulls will be feeling more confident and a rise then towards the 8623 R2 level, but will ultimately be aiming for the 25ema on the daily at 8648. However that feels a big ask for today but you never know - it is Friday after all! With the key fib at 8604 for today though we certainly have a few hurdles in they way which could limit upside momentum.
For the bears, they will be looking to break below the daily pivot and green 30m coral support at the 8550 level as that would open up a drop down to the 8520 area. We have decent support here from a few indicators though so I would like to see this hold, as it would set up some strength area ahead of the weekend.
Moving below 8520 though and 8480 comes into play with S2 and the key fib here and also another test of the Hull MA on the 2h - though note that this is still bullish for the moment as the bulls have defended the 8500 area well so far. Lower down 8460 is the next one to keep an eye on but I am not convinced that we will get that low today.
The S&P500 2h chart has finally gone bullish again, helped moreso with the overnight strength last night, and a hold of the 5500 level. The bulls will be looking to break above the 5561 2h coral and get it back towards the 5600 level. However there are some decent resistance levels at the 5610 area so we could see any rise falter here.
Likewise the Dax40 - a rise towards 22740 R1 and a hold of the daily pivot at the 22575 level would be good - and we also have the green 30m coral just below that at 22555 so the bulls will be keen to defend this area. 22430 is the Hull MA on the 2h below that if it should slide.
Meanwhile, hopes that Vladimir Putin is serious about a swift end to the war in Ukraine are fading this morning after more details emerged of the price he thinks Kyiv should pay to secure a ceasefire.
So looking for the bulls to defend any dip down to 5520 today and a bit of strength ahead of the weekend.
Good luck today and have a great weekend.
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