Technical analysis for FTSE 100 for 24th March 2025
We are starting the week on the front foot and looking like we may well have a decently optimistic bull Monday play out. The US markets have gapped up considerably already following a decent Asian open, but that has left a gap on the S&P500 at 5670 so if we get a drop back here we may well see a decent bounce from here.
The FTSE100 is also looking bullish and the bulls will be keen to recapture the 8700 level and push for another test of the 8740 area that we dropped off strongly from on Thursday (it was the 2h Hull there). If they can push above that then ultimately we are looking at a rise towards the 8790 area though it probably won't be that bullish today.
Initial support is at the daily pivot level at the 8657 level and we also have the 30m coral just below this at the 8652 - whilst its currently red as I write this I am expecting that to go green and become decent support shortly.
If the bears break below the 8650 level today then we will more than likely see a slide towards the 8610 support level again, and we also have the key fib and the S1 level here today. As such, should we see this level than a long here is worth taking. Slightly lower down the next daily support level of note is at the 8580 level. I don't expect to see that today though!
Do note that the 2h chart remains bearish for the moment, and has the red coral at 8712 to start with today, and the Hull MA has dropped down to the 8703 level. As such this area is certainly key to start with and the bulls will need to be strong to break through this level this morning.
On the news front we have various PMI data at 0930 for the UK, then US PMI data at 13:45 - as such we may well see some volatility at these times. The UK release will be closely watched as it may give clues on future rate cuts (still looking at May for a possible 0.25% cut personally).
Generally today I am thinking that we will see a bull Monday and a dip ad rise play out, especially if the US markets want to close the gap before more upside.
Good luck today.
Interested in how to start trading the FTSE 100? Frequently Asked Questions on Spread betting
Recommended Broker for trading - MT4/5, web and mobile
IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!
Membership, Trading Tips, Support and Resistance Levels with Live Trading
If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.
Keep up to date with new website posts, free sign up below
