Technical analysis for FTSE 100 for 21st August 2025
Well that all got a lot more bullish for the FTSE100 with it eventually managing to test the 9290 resistance and also push past 9300, the next round number hurdle. Now that means that the bulls ultimately have a clear run at the 9700 before too long, somewhat amazingly! Might see that 10000 level before too long too!!
We may well see some consolidation today but if the USA can continue its bounce from the lows yesterday then a hold above 9300 is on the cards for today. Initial support is at the daily pivot level at the 9261 so should we see an initial leg down to there then a bounce would make sense. The bulls will be looking to push past yesterdays high and the key fib at 9331 is first up, with R1 at 9356 above that. Given the climb yesterday we are not far off the top of the Raff channels for today (good hold of the 10d yesterday though at the 9160 area), with the top of the 20d Raff at 9320, and the 10d at 9340.
Initially I am thinking that we will see drop from the 9330-9340 level to test that pivot then a climb possibly towards the 9400 area. 9408 is R2 and possible if the sentiment out of the USA is positive as we have the Jackson Hole summit happening now. We may also get some help from the news as we have some PMI data out at 0930, and the market shook off yesterdays inflation figure increase pretty easily. Doesn't help the BoE with future rate cuts though!
Below 9260 then the 9215 area is set up for a decent bounce point, as we have the S1, key fib and 200ema on the 30m here, so should it get that low then worth a long here.
The Raff channels continue to head up and the 2h chart is positive so the bullish momentum continues and we are still in buy the dip mode as we have been for most of August.
The DAX40 also looks like it will rise and dip, with a test of the 24440 key fib level, and R2 at 24453, if they can break R1 at 24372. The daily pivot level is initial support at 24285 with 24208 below that, and the round number 24200.
The S&P500 will be looking to continue the bounce from the 6340 level, and get back above 6400 (and stay there) and then a possible test of the red 2h coral at the 6430 level. There are a couple of resistance levels at the 6420 area as well so the bulls may stutter here initially. Support is also at the daily pivot on this as well, and we also have the green 3m coal at the 6383 level so a hold of this would be good. Otherwise it may well slide back to yesterdays lows 6345 and the key fib at 6334.
Good luck today.
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