Category: FTSE 100 Technical Analysis

Technical analysis for 29th June 2026

The FTSE100 is trading above the daily pivot and holding within the rising daily channel, which gives the bulls a slight edge.

Today's market tone has improved considerably following the reduction in geopolitical tensions, creating a more favourable environment for equity indices while weighing on gold prices. The broader trend across the FTSE 100, DAX 40 and S&P 500 remains constructive, although traders should remain disciplined with risk management as quarter-end positioning may increase volatility during today's session.

As always, wait for price confirmation before entering trades, stick to your trading plan, and never risk more than you can afford to lose.

FTSE 100

• Bias: Bullish
  • The FTSE continues to outperform every other equity index.
  • Strong sequence of higher highs and higher lows.
  • Price above EMA10 and EMA25.
  • Rising channel remains intact.
  • Trading comfortably above the daily pivot.
• Key levels
  • Support
    • 10,471 (Pivot)
    • 10,394
    • 10,327
  • Resistance
    • 10,538 (R1)
    • 10,615 (R2)
    • 10,682 (R3)
• Trading bias
  • Continue buying pullbacks while above 10,470.
  • A break above 10,540 would likely open the way toward 10,615.

DAX40

• Bias: Neutral to Slight Bullish
  • The DAX is consolidating after last week's pullback.
• Bullish points
  • Still above the rising EMA200.
  • EMA25 remains above the EMA200.
  • Price is holding around the daily pivot rather than breaking down.
  • The longer-term trend remains constructive.
• Bearish points
  • Price is still trading beneath the upper descending channel resistance.
  • Multiple failed attempts above 25,000 suggest sellers remain active there.
  • Momentum (RSI around 49) is neutral.
• Key levels
  • Support
    • 24,660 (S1)
    • 24,600
    • 24,440
  • Resistance
    • 24,935 (R1)
    • 25,100
    • 25,235 (R2)
• Trading bias
  • Buy dips while price remains above 24,650, but don't chase strength into resistance around 24,900–25,000.

Nasdaq 100

• Bias: Bearish
  • The Nasdaq remains the weakest equity chart.
  • Trading inside a falling channel.
  • Price below the EMA25.
  • EMA25 has rolled over.
  • Lower highs continue.
  • Current candle is sitting below the daily pivot.
• Key levels
  • Support
    • 28,778
    • 28,565
    • 28,243
  • Resistance
    • 29,312 (R1)
    • 29,525 (EMA25)
    • 29,636 (R2)
• Trading bias
  • Continue to sell rallies into resistance unless price can reclaim the EMA25 and break back above 29,500.

S&P 500

• Bias: Bearish
  • The S&P remains in a clean short-term downtrend.
• Bullish points
  • Buyers defended Friday's lows.
  • Positive divergence remains in place.
• Bearish points
  • Price remains below both moving averages.
  • Descending channel intact.
  • Lower highs remain.
  • Trading below the pivot.
• Key levels
  • Support
    • 7,286
    • 7,241
    • 7,188
  • Resistance
    • 7,385 (R1)
    • 7,399 (EMA25)
    • 7,438 (R2)
• Trading bias
  • Prefer selling rallies while below 7,400.

Gold

• Bias: Bearish
  • Gold still has the cleanest bearish structure.
• Reasons
  • Trading beneath the falling EMA25.
  • Strong descending channel.
  • Lower highs and lower lows remain intact.
  • Price remains beneath the pivot.
  • The small green candle from Friday looks more like a pause than a reversal.
• Key levels
  • Support
    • 4,016
    • 3,943
    • 3,903
  • Resistance
    • Pivot: 4,056
    • R1: 4,130
    • R2: 4,170
• Trading bias
  • Continue selling rallies into 4,055–4,130 until price can close back above the EMA25 and the channel resistance.

Other opportunities for today

• Best Long
  • FTSE 100: Buy pullbacks into 10,470–10,500, targeting 10,540, then 10,615.
• Second Long
  • DAX: Buy only if 24,650 holds, targeting 24,935 and potentially 25,100.
• Best Short
  • Gold: Sell rallies toward 4,055–4,130, targeting 4,016 and then 3,943.
• Second Short
  • Nasdaq 100: Sell rallies into 29,300–29,500, while price remains below the EMA25 and inside the descending channel.

Overall, the picture remains consistent with recent sessions: European indices are displaying relative strength, led by the FTSE100, while US indices continue to trade with a bearish tone. Gold also remains firmly in a downtrend, with rallies still appearing to offer higher-probability selling opportunities than buying opportunities.

Good luck today.

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