Technical analysis for FTSE 100 for 1st April 2025
A lot of fear in the markets yesterday which is starting to unwind now, as we start a new month and new quarter. Traders are hoping that the tariff announcements later/tomorrow are not as punitive as feared, which in turn may well see a bullish bounce today. There are a few decent supports in play across the board so buy the dip, at least initially, looks to be the order of the day.
We have the daily pivot and the green 30m coral to start with at the 8590 level and a bounce here would make sense, for a push up towards the 8660 initial resistance, and possibly even the 8706 level today.
If the bears were to break the 8590 level then a double bottom with yesterdays low and the key fib level for today also, at the 8522 level is the move to look for so shorting a break of that pivot is worth a go as well.
The 2h chart is on the cusp of going bearish as this bounce from the 8526 level yesterday plays out, and we are just above the Hull MA to start with which bodes well for the bulls - though they would really need to break that 8658 today to enable the push higher. 8645 is also the key fib resistance to keep an eye on.
The Raff channels are both heading down as you would expect and we have the 25ema at 8657, though this wouldn't be the first test of it since it went bearish, so in theory is a bit of a weaker resistance level now. However as it links in with the R1 level any initial test of it is likely to see the bears have a go.
The S&P500 has held the 5500 double bottom area well and having bounced just over 100 points from there again, the bulls will be looking to lock in above above the 5600 level now. Have we seen the low now and on track for a rise towards the 6100!?! Possibly!! Initially today the bulls will be looking to get a rise towards the 5650 level where we have the R1 level, together with the 30m 200ema, and 2h coral. As such, buying the dip on this looks to be the right play as well.
The Dax40 will have its eyes on the trade announcements but with a positive looking 30m chart to start with a hold of the 22150 are would be good. The daily chart is bearish now though and has the 25ema resistance as 22650 for now, so the bears may well be liking that area for their next assault. Probably won't see that high today but a bearish reaction at the 22500 area where we have R1 and the 30m 200ema may well materialise.
Good luck today.
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