Technical analysis for FTSE 100 for 17th April 2025
Nice drop off the 8280 level yesterday and the bulls have fought back from the 8150 level that sell off managed, to get the price back above 8200 going into the long weekend. Once again it feels like we may well see a rise and dip play out, and a decent hold of the 8210 daily pivot level would be good to set up a rise towards the 8300 area, possibly even a test off the R2 at 8335.
As we have a long weekend coming up (no email Friday or Monday) then we may well see some profit taking ahead of that at the end of the day today, just in case there is some random announcement over the weekend that drops markets!
If the bears were to break below the 8210 level where we have our first support then they will likely be aiming for a test of the S1, key fib and 30m 200ema at the 8142 level. As this also links in with the level we dropped to yesterday then a hold of this again would make sense. The bulls will be keen to end this week above the 8200 level.
Initial resistance today is at the 8266 R1 level and then the 8280 once again above that. However I am feeling more optimistic for today's session and feel like we may well see the bulls manage to crack the 8300 level and get the 8335. If they were to really push on then the next daily resistance level to look for is 8381 and should we get this high I would expect the bears to appear here.
The main news event today is the ECB likely rate cut at 1315 so that may well help the Dax40 today, to also get a rise and dip play out. The bulls will be looking to test the 21500 area really today where we have R2 and then the 25ema on the daily at 21591. Support is at the green 2h coral at 21100, and also the daily pivot at the 21128 level.
Other news releases are the US initial jobless figures at 1330 so expect a bit of movement then as well.
Not too much more to say really apart from have a great long weekend and good luck today.
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