Technical analysis for FTSE 100 for 5th June 2025
A decent little range on the FSTE100 yesterday between 8780 and 8820, and today we may well dip a bit lower to test the 8760 area. The bulls however will still be keen to try and get it back above 8800 and break the 8824 daily resistance level to keep alive hopes of a test of 8900.
Initial support is at the 30m 200ema at 8787 and we may well see an initial bounce off this to start with, and a bit of buy the rumour sell the news playing out ahead of the (likely) ECB rate cut at 13:15. At 1330 we also have the USA Initial Jobless Claims, with a forecast drop to 236k. We will likely get some volatility around this time.
Above the 8824 level then the bulls next target will be R2 at 8843, and then R3 at 8865. The 8820 level has been a tough nut to crack, holding as resistance on several occasions and with the fairly tight range recently there is likely to be a breakout soon. The bulls probably won't push too much higher than 8865 today if they did break out, as they would more than likely want to consolidate before further upside.
On the flip side, if the bears take the fight to them then a break of yesterday's support level of 8780 (and we have the green 2h coral here for another test of that support, along with S1) then a move down to S2 at 8758 looks likely. Slightly lower we then have the key fib at 8746 with S3 at 8738.
The ASX Australian market had a rise and dip play out and we may well follow suit today, especially as the FTSE100 Hull MAs on the 2h chart are just on the cusp of crossing to bearish, and would then lock in resistance at the 8803 level. It's all very bunched at the moment hence thinking that we are going to get a breakout soon. Momentum is still with the bulls and rising Raff channels so that could well be a breakout upwards.
For the S&P500 today, there is another test of the 2h Hull MA as I write this at 5963, so we could see a small bounce here to test the 5983 R1 level where we also have the now red 30m coral. It may well also want to consolidate a bit after the rise on Tuesday and Wednesday ready for a break above 6000. The Raff channels are still trending upwards and we have the green 2h coral for support at the 5945, just below S2. If we test that then a bounce here would make sense, especially if we see an initial slide down from the 5980 resistance area.
It's a similar picture for the Dax40 and I am watching 24300 as resistance and 24095 as support. The former is the 30m coral and round number, while the support is coming from the key fib and 2h coral. The Dax40 will however be focused on the ECB today with another rate cut looking likely.
Good luck today.
Interested in how to start trading the FTSE 100? Frequently Asked Questions on Spread betting
Recommended Broker for trading - MT4/5, web and mobile
IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!
Membership, Trading Tips, Support and Resistance Levels with Live Trading
If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.
Keep up to date with new website posts, free sign up below
