Technical analysis for FTSE 100 for 16th June 2025
The markets once again proving that they can climb a wall of worry sees the futures looking optimistic for another rise and dip to play out today with a possible test of the 8910 level on the cards. With R2 and the key fib both here, we could then see some profit taking/shorting play out at this point. Prior to that we have the red coral on the 2h chart at 8867, aligning with the R1 level at 8875 so the bulls will be looking to break above this early on.
Initial support is at the daily pivot at the 8847 level, and that may well lead to the initial climb this morning. Below the daily pivot the next main support is at 8810 where we have the bottom of the still rising 10d Raff channel, and also S1. The bulls will also be keen to keep the price above the 8800 level.
We have had the first test of the 8900 level on Thursday, and the bulls will be looking to break above that soon enough. If the 8910 area holds then thats a decent double top to play out, and then a push though and onto 9000+ over the next few weeks may well be likely.
Generally today I am thinking that yet again we will have a rise and dip play out. If the bulls were to break above the 8915 level today then 8941 is R3 and also the top if the 10d Raff channel so a short here would also be worth taking.
Focus is mainly now on the Iran/Israel war and if regime change will materialise, which is Israel's aim. Oil price changes are also going to be dependent on whether or not Iran closes the Straits of Hormuz.
It's a similar picture for the S&P500 and the DAX40 with a rise and dip looking likely. For the S&P500, I am looking at a rise towards the 6021 level where we have the key fib and also just below the 2h coral resistance.
Meanwhile., the DAX40 could put in a rise towards the 23675 R1 and also just above the key fib resistance at 23678. 23655 is the red 2h coral.
As per the FTSE100 the Raff channels on both these markets continue to head up as well so buying the dip is still the preferred play for the moment.
Good luck today.
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