Technical analysis for 25th September 2026
Global markets are heading into the weekend under renewed pressure from rising bond yields, higher energy prices and expectations of further interest-rate increases.
The US 10-year Treasury yield reached approximately 5.20% yesterday, its highest level since 2007. Brent crude has returned to around $105, while the dollar is on course for a weekly gain of roughly 1%.
There is some relief this morning as oil retreats slightly, but the broader picture has deteriorated compared with the beginning of the week. The key question is whether markets can stabilise while borrowing costs remain so elevated.
The bulls will be keen to hold above 10700 but we have initial resistance at 10720 and 10728 to start with, which may facilitate a dip and rise playing out. A test of the 10650 support area would actually fit pretty well and then a subsequent rise back towards the 10707 daily pivot level. The US markets look more positive and that sentiment may well help the FTSE attempt to hold onto any gains ahead of the weekend, despite its currently weaker backdrop. If the bears were to break 10650 then 10624 S2 and the recent low area are next up with the lower daily support at 10530 - though I am not expecting it to get that low today.
If the bulls were to break the 10720 area then I am looking at the next key resistance being at the 10770 area where we have daily resistance and also just below the key fib at 10784 and R2 at 10792. Should it push up towards this 10800 area then a short here is also worth taking. That said, as it's Friday we may well see some more caution towards the end of today's session.
The daily 10d Raff channel is still heading upwards which will help the "buy the dippers" for the moment, and a close above the 10730 area today will probably set up a decent bit of bullishness next week.
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