Technical analysis for FTSE 100 for 25th October 2024
The bulls are starting today's session on the back foot but we do have a bullish 2h chart, based on the moving averages, to start with and 8271 support on that. They will be keen to try and break above the 8300 level to start with as we do have the red 2h coral here but also more crucially the daily pivot and the 200ema 30m.
Above the 8300 then the 8352 is daily resistance and also ties in with the key fib at 8356. As such, if we were to get this high today then a short here is worth a go ahead of some possible profit taking ahead of the weekend. The daily Raff channels are still heading up, though with the drop off 8340 yesterday we are now just below the 25ema, which is adding an element of weakness.
Support wise today, then the 8240-8250 zone is first up and the main one, with S1 and the key fib here. It is also the level that we dropped down to yesterday before bouncing.
Lower down the bottom of both the Raff channels are at 8220 and should we drop that low today I would like to see a bounce here. Below that then the 8193 daily support is next up though I am not expecting it to get that low today.
The election fever is ramping up in the US as well now, so traders are also watching that closely, along with the looming budget here next week. Starmer has announced that "shareholders" are not working people.... will we see more retail selling shares?!
There is a bit of a pessimistic mood creeping in ahead of this budget, shown yesterday by firms optimism dropping in October.
So a few key levels to keep an eye on as you can see in the table... let's see if the bulls are able to push above 8300 to test the 8350 area.
Good luck today and have a great weekend.
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