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Managed 8772 | Non Farm Payrolls | 8770 8840 resistance | 8700 8655 support

#1 · 7th February 2025, 10:52 am

Technical analysis for FTSE 100 for 7th February 2025

The FTSE100 managed to rise towards the 8775 level after all yesterday whereupon it turned tail and scampered down to 8700. That level is initial support now, helped by the daily pivot at the 8712 level. Initially today we may well see a rise and dip again, ahead of the NFP news at 1330. Usual caveat for NFP Friday - stay cautious! The forecast is for a drop down to 169k.. however that may be too cautious and we actually see a decent beat!

So, initial support today at 8712 but what if that breaks.... well I am looking at a drop down today towards the 8650 area as we have a cluster of decent support here. The pattern since Trump took over the presidency has seen a decent close to the week, then a big gap down on the Monday with the recovery then playing out. We may see the same again and as such loading some shorts at the end of the US session may be worth it if you fancy a risk!

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