Technical analysis for FTSE 100 for 24th April 2025
Was a decent drop off the 8465 level yesterday and the bulls are now desperately trying to defend the 8400 area. On their side is the bullish 2h chart with Hull MA support at 8375 holding last night and seeing a modest bounce. They will be aiming to recapture the 8400 level today however following that drop the 2h Hull MA's are now bearish, and we have 8405 resistance to start with, along with the daily pivot at the 8413.
As such I am thinking that we may well see a small initial drop to start with, and a test of the 8355 support area which looks good for a bounce. We have S1 and the key fib here, along with another test of the green 2h coral. The 10d Raff channel continues to head upwards so we are still in buy the dip for the immediate future, and a drop being defended may well line up nicely with the US markets doing the same.
If the bulls were to break above the 8413 level then yesterday's high at 8470 is next up, with a potential stutter at R1 8456 and 8465 key fib. Above that then the 8500 round number and 8513 R2. If Trump continues to row back on the tariffs and there is some positive news on that front then we may well see the bulls get firmly back in the driving seat. There is still a bit of caution though just in case it goes the other way!
Support wise, then the 8350 looks good, but if the bears were to break below this then the 8315 area is next up as we have the 200ema on the 30m here, along with the S2 level.
We are also now above the daily 200ema, which is at 8335 for today, so that bodes well for the bulls and they will be keen to keep the price above this level.
The Dax40 also has a bullish 2h chart so support on that around the 21700 area from the steadily rising Hull MA looks good for a long, and we also have S1 at 21720. The bulls will be looking to break above the 22075 level where we have the key fib resistance.
Similar picture on the S&P500, with the Hull MA support at 5300 currently but steadily rising - and that could meet a fall in the price around the 5325 area, linking up with the S1 and 30m 200ema at 5330. The bulls will be looking to break the daily pivot at the 5399 level.
Good luck today.
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