Technical analysis for FTSE 100 for 25th June 2025
A little bit jittery again yesterday as the bulls failed to hold onto the 8800 with the drop from 8820 getting down to the 8760 support area on the 2h chart. It's not been much of a convincing bounce off that area so far though.... We have initial resistance to start with at the daily pivot 8778, and the 30m 200ema just above this at 8787. As such we may well see an initial drop down to test the lower support area at the 8733 S1 level, and also just above the bottom of the 20d Raff channel at 8721.
If this area holds then we should in theory get a decent bounce, probably back up to test the 8800 area. and R1 at 8804. We have the NATO summit taking place today as well which may well give some clues on the future "wars" and % of GDP spends....
The 2h chart remains bullish for the time being as well, with the Hull MA at 8755 for support, so it's all quite coiled up and we will likely get a breakout shortly. The daily chart has weakened off a bit following the recent drops, with the 10d Raff channel now declining, and the price just flirting below the 25ema currently at 8777. As such the bulls will be keen to try and get the price back up above 8800 sooner rather than later.
If they manage to break above the 8804 today then 8832 is the key fib and then 8876 R3 and daily resistance at 8880 above that is the next obvious target. It may be a big ask to get that high today unless any bullish news helps. We also have R2 at 8850 splitting those two levels so keep an eye on a reaction at that price.
Support wise, below the 8730 area then 8707 is S2 and the bulls will be keen to defend 8700 if it got that low. I am thinking that any drop down towards the 8730 area will get defended though.
In addition to the NATO summit we have Fed chair Powell testifying at 1500 though nothing totally unexpected to be said.
The DAX40 may well follow a similar pattern and get an initial rise to the key fib and R1 area at 23850 before dropping off to test the S1 and key fib support at 23530. Both of those levels look decent to trade off today. The price has moved back above the 25ema on the daily as well now, and is currently at the top of the 20d Raff channel at 23765. The top of the 10d Raff channel is 23900. Both channels are declining.
For the S&P500 I would like to see the 6080 daily pivot hold as support and a test of the 6122 resistance area. The bulls have pushed on well since testing the 25ema support on the daily chart as 5920 on Thursday and will be keen to keep the momentum going. As such a break above the 6123 level would then likely see 6132 R2, and 6145 which is the top of the 20d Raff channel. 6123 is also the top of the 10d Raff channel for today, and both those channels are rising steadily still.
Good luck today
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