Technical analysis for FTSE 100 for 11th April 2025
What will the end of the week bring?! Initially today I am thinking that we will see a dip then a decent rise, with a test of the support level at 7880 where we have the key fib and just above the overnight low at 7860. If this holds then we may well see the bulls manage to push on today and once again they will be looking to break and hold above the 8000 level.
The 8170 level is proving a tough nut to crack for them though, having dropped off that on both Wednesday and Thursday. If we were to get that high today and it be the third test then we could see it break.
A lot of today's movement will once again depend on tariff news and as its Friday be extra cautious again - though some profit taking towards the end of the day would make sense. Lots of traders are loathe to hold over the weekend for obvious reasons.
Initial resistance to start with today is at the key fib at 8022 and that is also just above the red 30m coral, so we could see an initial drop off from here, to test that support level.
Above 8022 then the bulls will be looking for a test of R1 next at 8148, then the 8170 mentioned. Above that then 8340 is R2 though I think that could be a big ask for today, especially as we have the top of the 10d Raff channel at 8250. That said, adding weight to the 8340 level is the daily 20ema, so should we see this (massive ranges still in play so nothing is impossible!) then a short here is worth a try.
For the bears, if they break below 7870 then we may well slide as far as the 7750 2h coral line (now green) and possibly even 7691 below that if the news flow turns negative again.
UK monthly GDP has just come in better than expected for February, at 0.5%, beating the 0.1% estimate, while the 3 monthly was 0.6% - an encouraging sign for the UK economy and showing growth across both services and manufacturing industries.
So basically looking for a dip, rise, dip to play out today but stay cautious!
Good luck and have a great weekend.
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