Technical analysis for FTSE 100 for 16th July 2025
After the retreat from the all time highs yesterday we have seen the 8930 support area hold so far, though for today we have some decent looking lower support at the 8908 area and as such an dip down to this level may well see a bounce. The bears will of course be trying to break 8900 as that then has the potential for a drop down as far at 8730 at some point....
With the drop yesterday the 2h chart has inevitably gone bearish and the Hull MA resistance for today is at the 9000 area, along with R1 at 9011. As such any rally towards this level is likely to see the bears appear and try and drive it down again. Prior to that there is resistance at 8973 from the daily pivot.
CPI has just come in above forecasts which is bullish for the pound, (3.6% v 3.4% forecasted) and in turn may weigh on the FTSE100 to start with. That may well facilitate the drop down to the cluster of supports at the 8905 area. We also have the bottom of the still rising 10d Raff channel here so for today it would be good to see that level hold and another attempt to push up to the 9000 level.
Above 9011 then 9045 being the recent high would be a likely target, with the key fib lower down at 9028. That all may be a bit too optimistic for today, though earnings are coming in well so far, with more US banks to report today.
The 8920 area has held as decent support on Friday and Monday and as such the bulls will be keen to defend any drops down to this, which is why I am thinking that should it overshoot towards the 8905 area then a bounce here is likely.
The DAX40 continues its slide down and is also testing the bottom of the rising Raff channels, and has initial support at the S1 23890 level, along with the key fib at 23914. As such we could see a bounce here with the bulls aiming to drive it up towards the 24090 level where we have todays' pivot point. Higher up than the key fib at 24241 is next up.
For the S&P500, the 2h chart is also bearish and has 6265 as resistance from both the Hull MA and coral. That is just above the daily pivot resistance at 6252 as well, along with the 30m 200ema and coral here. As such the bears will be looking at this whole area to mount an assault again, and we could drop down as low as 6202 where we have S1, along with the key fib at 6206. If we were to drop this low then I would like to see a bounce here for a rise towards the 6289 R1 level. 6291 key fib resistance above that.
Good luck today.
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