Technical analysis for FTSE 100 for 28th May 2025
It's still all about the 8800 level and the bulls will be looking to break that again today, hopefully helped by the NVIDIA results later. Initially we have the daily pivot as resistance at 8799 though we still have a bullish 2h chart for the time being, with the 8781 coral level in play still. Nothing like a narrowing range to start the day!
Just below that coral support we have the 30m 200ema at the 8770 and S1 at 8774, so it would be good to see this hold initially for a day of buy the rumour sell the news. We also have the FOMC minutes out at 7pm which may well give some further insight into rate cuts so expect a bit of volatility then. Below the 8770 level then 8744 is the next major support of note, with the key fib and S2 here, and if we were to get that low then a long where is worth taking.
The Raff channels continue to head up along with the bullish 2h chart so it still favours buying the dip on the longer timeframes. The bulls will be looking to break above the 8800 pivot, as that would open up a retest of the recent high at 8820. If they can then break above this and put some fresh air between them and the 8800 level, it keeps alive the chance of 8900 soon.
Prior to that though R1 is at 8832 today as we may well see any rise falter here on the first test today. If the bulls were to break this and start getting new highs then R2 at 8857 is next up, with 8890 R3 above that. However there is also the key fib just above the R2 level, at 8860, so should we see this level then a short here is also worth taking.
It's a similar picture for the S&P500 with the bulls likely to want to defend the 5900 round number, and looking for a test of the 6000 level again. The 10d Raff channel has turned down though for the first time in a while which won't help their case, though the 2h chart remains bullish with the 5860 level showing as decent support. Any test of this area is therefore worth a long. Initially today the daily pivot is at 5901 for support and as that aligns with the round number then a long here makes sense, though as mentioned it's all eyes on Nvidia and FOMC. Initial resistance is R1 at 5954.
The Dax40 will also be looking to hold the daily pivot support at the 24190, as below that the next support is 24050 where we have S1, key fib and the 30m 200ema. That's also splitting the 2h supports at 24085 and 24015 which are the Hull MA and coral respectively. Resistance on the Dax40 is at the 24372 level with the key fib here.
Good luck today.
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