Technical analysis for FTSE 100 for 10th January 2025
It's NFP Friday today, with the news out at 1330, and we may well see a rise and dip play out. The S&P500 looks like a potential rise to the 5920 area where it would come up against the 2h resistance levels and if it dropped off from there it may well yield some decent points. That in turn would also be replicated on the FTSE100 with a potential rise to the 8350 resistance area and a test of R1 and the key fib in this area.
Initial support is at the daily pivot, 8292, and the bulls will be keen to try and pull away from the 8300 level this morning, having fought so hard to capture it. Below the 8292 level then the 8260 area is the 30m 200ema and S1, with 8241 key fib support below that.
The 10d Raff channel continues to head up, and after yesterday's strength the 20d Raff channel has levelled off. As such, both of them still lend weight to the buy the dips on the longer timeframes. The 2h chart is also bullish now and the Hull MA is at 8285 so again some decent support in this area.
If the bulls were to break above the 8352 level then then we have a potential rise to the 8380 area and a test of R2 and the top of both the daily Raff channels as you can see on the daily chart below. Should it get this high then a short here is also worth taking.
The drop on GBPUSD (cable) continues and is back below the 12300 level to start with, while that lends weight to more upside for the FTSE100 (international, most companies in it earn in dollars) it does continue to weigh on the UK economy and the negative headlines following last October's budget.
Not too much more to say really, let's see if the rise and dip plays out and don't forget NFP at 1330.
Have a nice weekend.
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