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Germany election | 8644 8591 support | 8690 8717 resistance | buy the dip

#1 · 24th February 2025, 10:30 am

Technical analysis for FTSE 100 for 24th February 2025

The market reaction has been relief at the election of the relatively mainstream CDU/CSU conservatives in Germany's election, with DAX futures now up 1.4% after a slow start. That may well translate into bit of bull Monday across the board, also helped by the FTSE100 pulling away from our 8620 support level that it tested last thing on Friday. If that does play out then buy the dip today once again, with the daily pivot and 30m green coral area at the 8644 level look to be the first key support.

The bulls will certainly be looking to defend this, as a break of that will likely see a slide down to the 8601 S1 level and an attempt to break both 8620 and the round number. However, it will be a challenge for the bears as we also have the bottom of the 20d Raff channel at 8622, which is also still rising, as well as the US bulls most likely wanting to fight back after Friday's slide.

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