Technical analysis for FTSE 100 for 23rd June 2025
Well, this week might be lively.... Iran have been punched and basically told to stay down by the USA so it will be interesting to see how it pans out and if they do actually close the Strait of Hormuz which is their most likely next play. All things considered it's been a fairly low key start to the trading week and whilst we are more than likely going to be in a risk off mode we may well see a rise and dip play out today. The US markets will be keen to prove that the Commander in Chief hasn't miscalculated and provide some support by rising.
For the FTSE100 we may well see a test of the 8720 support area which is on the daily and also S1 to start with today. I would like to see a bounce off this and the bulls attempt a rise towards the 8800 level again., though any rise could falter at the 8782 daily pivot level today instead so keep an eye on this level. Having now tested the 8900 target we may well see the market cool for a bit before the assault for 9000 later this year.
Overnight the key fib has held at 8730, and we may well see this overnight low help to add to the S1 support. However, if the bears were to break below the 8720 then 8680 S2 is the next buying level as we also have a test of the green daily coral here as well. The daily EMAs are still bullish though we are just testing the bottom of the 10d Raff channel at 8724 as well.
Below 8680 look for 8665 as support and worth trying a long here.
Resistance wise, then the bulls will be looking to break above the 8782 pivot to target the 8820 R1 and just above the 30m 200ema at 8812. If this area was attained then it may well cap proceedings in the short term, though higher up then 8840 is the key fib, and 8857 for daily resistance higher still. Might be a big ask for either of them though!
The DAX40 2h chart is bullish now, and has Hull MA support at the 23139 level, but slightly lower we have S1 and key fib at the 23100 level so a bounce off this area would be good and fit the charts well. Below that then the bears have a pretty much free rein and a drop down to the 22926 S2 level may play out. The daily chart still looks the most pessimistic of the market, with the Raffs both heading down and the EMA resistance at 23565 locked in. Resistance is looking strong at the 23300 area as well with the daily pivot, 30m coral and 30m 200ema all around this area.
The S&P500 will look to bounce a bit today I feel, and we may well see the 5950 are ahold as support and a rise towards the 6610 resistance area. 5981 is also the daily pivot and 5876 for the 30m 200ema. As such initial resistance is at this level. Below the 5950 then the bears will be looking at 5923 key fib level, and also a second test of the daily ema support at 5928.
Good luck today..... stay nimble!!!
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