Technical analysis for FTSE 100 for 20th June 2025
In the face of everything the bulls are hanging in there with the 8800 level being defended still, and the potential for another rise to test the 8900 area today. Initial resistance however is at the 8835 level where we have the test of the 200ema on the 30m chart, and retails sales data has also been released at 0700 showing a decline across the board. Not surprisingly as most people continue to tighten their belts!
Above 8835 then the bulls will be aiming for the 8880 level where we have the key fib for today and also the daily resistance level whilst also being just below the top of the 10d Raff channel. The bulls will be keen to push on today ahead of the weekend but it will be interesting to see if the USA shakes off the pessimism prior to the weekend. Trump not being forced into rushing into another Middle East war for the time being as well, will help to cool the bears in the short term.
Above the Raff channel the next level of an optimistic note is at the 8907 recent high and R2 level with 8947 R3 above that – I can’t see it getting that high today though and more inclined to go with stutters at 8835 and 8880.
For the bears they will be looking to break 8800 still. It was defended yesterday and whilst there may be an overshoot down to the 8780 S1 level, and possibly 8760 key fib, the bulls will likely be fighting hard today. The ASX200 had a big dip and rise day and we may well follow suit. 8767 is also daily support along with the bottom of the 10d Raff channel so I would like to see any drop down to this area hold and see a bounce.
Below 8760 then the next key level would be 8725 so look for a bounce here if tested though I am not expecting it to get that low.
The DAX40 has initial resistance at 23300 with both the key fib and R1 here, so a drop down off that to test the 23160 daily pivot support area could play out, with 23100 below that where there is the 30m coral support. The DAX40 daily chart is looking the most bearish though with the EMAs now firmly bearish and resistance from the 25ema at 23593 currently. Should it rise anywhere near this area we will likely see the bears load up. Above 23300 then 23466 R2 would likely be the next main resistance in play for today though.
The S&P500 also looks like a rise and dip day with 5990 initial resistance and a drop down to the 5942 support level where we have the 30m coral, S1 at 5926, and also another test of the 25ema on the daily – this latter level set up the bounce yesterday at 5925 and the first test of that supporting moving average since its went bullish. Ergo that sets up potential for more upside on the S&P500 over the next few sessions. Above 5990 then look for a test of 6017 but also some possible profit taking ahead of the weekend later in the day.
Good luck today and have a great weekend.
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