Technical analysis for FTSE 100 for 30th May 2025
8800 still remains the key level for the moment and we saw another drop off from there yesterday to retest the 8700 which held. The bulls will likely be trying to push this up today to end the month though some profit taking at the end of the session may well materialise. Initial resistance is at 8798 where we have R1 and also the key fib here, and that is also just above the red 2h coral at 8780. As such, we may see any initial rise falter at 8800 again and a drop back down to the daily pivot 8746.
Above the 8800 level then the next level of resistance is 8824 where we have the recent daily high, and we may well see this as the profit taking point later on. If the bulls push past this there is an outside chance of the 8866 R2 level, though that may well be a big ask. A lot will depend on the USA for direction again. To help with that we have the Core PCE data out at 1330 so expect a bit of volatility then.
For the bears, they will be looking to drive it down again as per yesterday, and looking to break the 8740 initial support area. If they were to manage that then the 8680 area is key support with S1 and the key fib both here. As such I would expect that to hold, otherwise it's likely to slide down to 8645 though that may be a bit far for today. "They" will be looking to close the month out strongly I feel.
The daily Raff channels continue to head upwards but the 2h chart starts the day looking bearish, so it will be key for the bulls to break above the 8780 level initially. There isn't any major UK centric news out today.
The S&P500 has weakened a bit thanks to the tariff on/off volatility from yesterday and we have a bearish 2h chart to start with on this also, with 5938 as Hull MA resistance. Above this then the 5972 R1 level is next up, with the 6000 once again visible above that - but we then have the top of the declining 10d Raff channel at 6025. Having failed to just manage 6000 yesterday the bulls are on the back foot. Support is initially at 5873 key fib, with S1 5850 below that. The bulls will be keen to keep the price above the 5900 level today though.....
It's a similar picture for the Dax40 with a potential rise to test the 24201 key fib level but we have a bearish 2h chart with 24170 resistance from both the coral and Hull MA. As such we may well see any early rise stall in this zone, Support is at the key fib 23850 today.
So, the markets look cautious and slightly jittery once again, not helped by the flip flopping on tariffs, as well as continuing geopolitical tensions. Stay nimble, good luck today, and have a great weekend.
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