Can the bulls break the 8585 | 8535 8494 support | 8615 8645 resistance

Can the bulls break the 8585 | 8535 8494 support | 8615 8645 resistance

Technical analysis for FTSE 100 for 30th January 2025

The bulls are continuing their fight back after Monday's rout and the FTSE100 looks like it may well break above the 8585 resistance level today. Initially that opens up a test of the 8610 level which is the key fib and R2 level for today, and a possible test of the 8645 daily resistance area above that.

We have the ECB rate decision today (13:15), with a 0.25% cut forecasted. At 13:30 we also have US GDP so we may well see some volatility then as well.  Dovish comments by Chair Jerome Powell last night balanced the Fed's hawkish statement and left traders uncertain on the likely timing of the next cut. The ECB press conference at 13:45 may well be along similar lines.

Initially we have support at the daily pivot 8547, and we may well see this area hold, with a possible overshoot to the 200ema on the 30m at 8532. If this holds then that bodes well for continued upside today. A lot will depend on the S&P500 and if it can push on towards the 6100 level and close the gap from Friday at 6097.

Below the 8532 level then the FTSE100 bears will be aiming to take it down towards 8494 where w have the key fib and possibly 8442 for S3. However, the 2h chart remains bullish and both the Hull MA and green coral are at the 8531 level so lending support here.

We are also in the midst of earnings season, with a bit of a mixed bag so far, but generally erring on the positive side across the board. Today's main one will be Apple.

If the bulls do manage to take the baton today then 8585 remains that line in the sand and once again we dropped from exactly that level yesterday. If we were to test that again today then being the third test then it is more likely to break, which then should see 8610 quite quickly. Ultimately today I would like to see a rise toward the 8645 level which is R3 and also the daily resistance level, which should therefore see the bears have a go here.

So generally thinking it may well be bullish again today but stay nimble... look at 8585, 8610 and 8645 as resistance, 8540ish as support, with 8494 below.

Good luck today.

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