Technical analysis for FTSE 100 for 13th June 2025
Well that ramped up overnight as Israel has attacked Iran with the associated jump in oil prices and sell off in equities. Explains why gold rose steadily yesterday and has now jumped further! For today we may well see a rise and dip once again on equities as the FTSE100 managed to get the 8900 level out of hours but may well want to test that area again. Was a bit later testing that level as I was expecting end of May!
Anyway, for today we are just on the bottom of the 10d Raff channel to start with at 8820, so a bounce off this to rise and test the 8880 area would make sense, and then we can test the daily pivot and the red 30m coral trend line. This is the first key resistance level really, as we also have the Hull MA here at 8875. The 2 chart has obviously gone sharply bearish after the drop off 8900, so should we rise to this area then a drop off again would be good.
Above 8880 then 8900 is once again the obvious next level of note, and if the bulls were able to break above this then 8914 R1 is next up. It being a Friday (the 13th no less!) we will likely see any rises being shorted ahead of the weekend and the possible retaliation by Iran and yet more escalating tensions on the global stage.
Support wise, below the 8820 then 8797 is S2 but it would likely slide down to test the S3 level at 8767, as we also have daily support at 8760. A possible bounce here may well happen so try a long here too. A break of this could then quite easily see a lot more downside and a race towards 8650.
Generally today it looks like a shorting the rallies day once again - actually been the theme all this week!
The S&P500 is testing S3 to start with so again a rise and dip may well play out as it aims to test the 30m resistance at 6003 - we have the 200ema and the coral here, with the daily pivot just above these at 6021. The 2h chart remains bearish as you'd expect, with the coral now red at 6029. If the bears were to break the S3 level at 5934 then more downside to the bottom of the 20d Raff channel at 5865 is likely. The worry will be that the USA gets dragged into yet another ME conflict.
The Dax40 also tanked down to the S3 level at 21463 but has also held that support - a rise to the 21780 area this morning could happen, but again more profit taking of any bounce ahead of the weekend looks likely. Below S3 then the bottom of the 20d Raff and the daily 25ema are both at 21271 so this is the next key support level.
Good luck today and have a great weekend!
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