Technical analysis for FTSE 100 for 21st July 2025
To start the week the bulls are slightly on the back foot as we have a bearish 2h chart initially, and daily pivot resistance at 8989 which we are on as I write this. If the bulls manage to break this initially, and I am thinking that we may well see a rise dip rise play out today for a bit of Bull Monday once the US comes online, then the 9008 R1 level is the key resistance to start with. This would also be a slightly lower high after Friday, so if the bears do have a go here then a drop down to the 8950 level looks possible before a bounce.
Above 9010 then 9035 has R2 and the key fib, and then stronger daily resistance and R3 at 9053. If this level is seen then it's worth a short here for a possible move back below 9000.
The bulls will be keen to get the price back above 9000 and the bias is still long on the daily charts with the Raff channels still heading upwards and the positive moving averages.
Initial support is at the 8973 200ema on the 30m chart, though a drop down to that 8950 area mentioned looks possible. 8943 is also S2 for today. If the beast were to break S2 though then I am looking for a test of the 9015 level where we have the key fib for today and just below the S3 level. I don't think that it would go much lower than this unless news events take control.
There isn't any scheduled major UK news out today either that could have an effect, so still buy the dip for the moment and a test and hold of 8950 would fit the charts well.
It's also looking like a similar pattern for the DAX40 and S&P500 with a dip and rise to play out. The DAX40 has initial resistance at the 24290 daily pivot level and if the bears have a go off this then a drop down to the key fib at 24129 may materialise before a bounce back towards the pivot, and possibly higher. The 2h chart is bearish also to start with and has the Hull MA resistance at 24273 so keep an eye on this whole area for a bearish reaction.
The S&P500 meanwhile has 6314 R1 as its first resistance and having gapped up to start with may well want to close that down at 6296. Slightly lower there is strong support at the 6281 S1 and 30m 200ema level so should this get tested then a bounce here would be good, to recapture 6300 and get some Bull Monday sentiment underway. Above 6315 then the 6330 is next up with the R2 and key fib both here. As per the FTSE100 the Raff channels continue to head upwards for the moment.
Good luck today.
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