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Can the bulls defend 7500 | 7505 7489 7471 support | 7570 upside target above 7540

#1 · 25th January 2024, 10:22 am

Technical analysis for FTSE 100 for 25th January 2024

Another day and another record for the S&P500.... along with Microsoft passing the $3tn valuation. All good till it isn't.... is it a bubble....?! Anyway, the FTSE100 continues to hover around the 7500 level and we managed to test the 7540 level yesterday with the potential for another test, and a break higher today.

7540 is R1 to start with, and we may well see any early drop down to the support levels hold for a push up. If they manage to break the 7540 then I am looking for a test of the 7570 area where we have the key fib, but also it would be the first test of the daily 25ema at 7575 and should in theory get a reaction. Just above this we also have the R3 and top of the both the Raff channels at 7585 so a few decent resistance levels in play here.