Technical analysis for FTSE 100 for 30th April 2025
The bulls managed to defend the dip yesterday, albeit slightly lower than the 8420 support level. On a positive note they have now broken the 8470 resistance level and we got a test of the 8502 - that bodes well for more upside and a potential test of the initial resistance at the 8525 level today. With R1 and the key fib here, we could see the bears have another go, and it may well link in with the S&P500 rising to test the 5586 resistance level we have on that today.
Initial support is at the daily pivot at 8463 (we will also see previous resistance 8465 now turning to support) and we also have a bullish 2h chart to start with and the Hull MA support at 8470 this morning. As such I am expecting an initial climb, and in fact that may also pan out on the S&P500 and Dax40 as well which are both sitting on supports to start with.
If the bears were to break below the daily pivot though then S1 at 8424 again, along with the 30m 200ema, and the key fib at 8411 should all provide decent support. A break of yesterdays low at 8400 though and then we will likely see a slide down to the 8360 daily support level, one which looks key for the bulls to defend. That also links in with support from the now bullish daily moving averages, and we have the 25ema at 8373. As such, should we see this then a bounce here looks highly likely.
Back to resistance and if the bulls are able to break above the 8525 level then we remain on track for an ultimate test of the 8700 area soon. Do also note that we have the red daily coral at 8523 and this will be the first test of it since it did go red, so we may well see the bulls struggle to break this initially.
Trade deals seem to be going through on the news front with an initial one imminent (with the UK?). R2 at 8562 may well get tested later on before some month end profit taking and a dip into the close on the US markets.
There's various US news items released later as well, the main one being first quarter GDP at 1330, and a forecasted drop to 0.2% from 2.4% previously. Expect some volatility then, and also at 15:00 as the PCE data is released.
So generally expecting a bit of a rise and dip to play out today and the bulls will be keen to pull away from the 8465 level.
Good luck.
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