Technical analysis for FTSE 100 for 13th May 2025
A decent day yesterday with the FTSE100 respecting the support and resistance levels. That has set up a potential bear Tuesday today and we have the 8600 area as the key resistance to start with. We also have the US CPI news out today at 1330 so expect some volatility then. Initially today I am looking at a rise towards the daily pivot and 30m coral line at the 8603 level, whereupon we may well see the bears have a go. That would also be a lower high with yesterday after the double top at the 8635 area.
A drop down towards the 8500 area would make sense before more upside though the week. As mentioned yesterday we are still in buy the dip territory really, until the end of the month at any rate.
If the bulls were to break above the 8605 area then a retest of yesterdays high at 8640 is the next level to look for, with a break of that then leading to the next resistance level on the daily at 8695. With R2 also here then it's likely to hold its first test though I am not actually expecting it to get this high today. 8660 is also R1 on the path to that which would likely get a reaction. Ultimately this month if the bulls can break above the 8700 level then it bodes well for the 8900 level.
However the 30m chart is bearish to start with and the 8592 25ema is also resistance, hence thinking that a dip and rise is more likely today. Initial support is at the 8550 key fib level, and that has also held overnight, with S1 just above this at 8564.
Overnight we have also tested the bottom of the rising 20d Raff channel hence the hold at 8550. The bottom of the 10d Raff channel is at 8500 and both of them are still rising steadily, hence buying the dips for the moment.
It's a similar picture for the Dax40 and the S&P500 with a dip and rise looking like it may well play out today. I am looking at initial resistance at 23635 and 5860 respectively on these, with support at 23420 and 5800 to then look out for.
Good luck today.
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