Technical analysis for FTSE 100 for 14th May 2025
The bulls aren't really doing a great job of getting the price above the 8600 level and holding it, hence the 2h chart is bearish to start with this morning. As such we may well follow the ASX200 pattern and have another dip and rise play out, as we drop down to test the supports at the 8550 level again. We have S1 here initially, as well as a double bottom with yesterday.
Initial resistance is at the Hull MA at 8586, and we also have the daily pivot at 8592. As such an opening dip makes sense, and if we bounce later then the bulls will be looking to break this level. If they manage to do so then a test of the R1 at 8631, and also linking in with the recent high at 8640 is the next area of note. Above that then we are looking at the 8690 area still, and should we see that today then a short here is also worth taking.
Support wise, below the 8550 level then the 8529 key fib would likely get tested, and we also have the bottom of the 20d Raff channel here. Then below that the round number at 8500 and just below 8512 S2. Not expecting it to get that low (famous last words again) and would ideally like to see the 8550 hold to set up some more bullishness over the next couple of sessions.
No major UK news today, but we do have lots tomorrow, including GDP. Later on tomorrow there is lots of US news as well. As such we could see a slightly less volatile session today, Trump Truth Social posts notwithstanding. Certainly calmer on the trade war front for the moment and buying the dip is still the best play.
For the Dax40 and S&P500 it also looks similar with a dip and rise likely. I am looking at the daily pivot for the S&P500 to be support at the 5870 level, and 23500 for the Dax40 as we have S1 and the 30m 200ema here.
Good luck today.
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