Technical analysis for FTSE 100 for 6th January 2025
A nice climb to start the new year with the bulls managing to hold the 8150 on Thursday and get 8260 as the high, which also held as resistance on Friday. For today the initial resistance that the bulls need to break is around 8230 as we have the Hull MA here, along with the daily pivot and a red 30m coral. A dip and rise would fit well today as we see some caution to start the week.
An initial drop down to the decent looking support at the 8195 level would be good, and I would like to se this hold to then have an attempt at a bull Monday later today. The bulls will certainly be keen to hold it above the 25ema level on the daily chart, which is also sitting at the 8195 area, and also aligning with S1.
The ASX200 started the week on a cautious footing and I have a hunch that we may well do the same. Reading some longer term analysis predictions over the past few days have a bearish 2025 in store, with strength resuming in 2026. Might well be an interesting year!
Above the 8235 level then the next area of note is another test of the 8260, and that is also just above 8256 key fib for today, with 8303 R3 above that. The bulls will certainly be keen to try and recapture 8300 but with both the Raff channel tops here it may be a big ask to hold above it on the first foray into this zone.
Below the 8190 level the bears will be aiming for last weeks 8150 level, and S3 at 8140. A break of that and then the 8100-8090 zone is the next support which we climbed from at the end of December.
However, with an upward heading 10d Raff channel it should help the bulls and if we can hold the 8190 level I am more inclined to have a bullish bias for the moment and buying the dips. It's also worth remembering the seasonality with a traditionally sluggish start to the year.
So 8230 and 8260 resistance, 8195 8150 support are the main levels for today.
Good luck!
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 content, free sign up below with just your email address
