Technical analysis for FTSE 100 for 3rd June 2025
The bulls managed the 8220 resistance level but not until late in the evening, having fought back well from the drop to 8730 yesterday. It looks like more of the same today with a rise and dip playing out, and a bit of Bear Tuesday kicking in later, and traders will be keeping an eye on the Eurozone CPI data out at 10:00. The forecast is a drop to 2%.
To start with today we have a bullish 2h chart and support from that at the 8770 area with both the Hull MA and green coral in this area, along with the 30m 200ema at 8772. If the bulls can defend any initial test of this area then we should see a rise to test the 8824 once again, and possibly as high as 8847 where we have the key fib, and also R1 at 8840.
Higher still and then 8900 is still showing as the daily level of note, though we also have R2 at 8874 today. That might be a bit optimistic though given the move on gold and silver yesterday which took off upwards and could well be front running an equity sell off.
Support wise, then below the 8772 the bears would be looking to the round number again at 8700, but there are several decent supports in the way first, namely S1 at 8751 and then the key fib at 8730.
The daily Raff channels are still heading up keeping the bulls in the game for the time being, but they haven't really managed to pull away from the 8800 level - ergo they really need to do that soon to get a rise towards the 8900 level. As mentioned, the bullish 2h chart to start with today should help though and if they can break the 8820 area that has held as resistance a few times now, that should help.
The S&P500 is also looking like a rise and dip day, with a test of the 5955-5965 area looking possible, as we have the key fib and the R1 level in this zone. The 2h chart is bullish to start with but the price is just below the Hull MA, currently 5918 so the bulls will need to get back above that sharpish. We do also have a few other supports in play to start with at the 5910 level, namely the 30m coral and 200ema. If they do drive it lower then it could drop down to the 5877 S1 and 5869 key fib area so keep an eye on this for support and associated bounce.
The Dax is starting the day on its support too at 24000 with the daily pivot, 30m coral and Hull MA all around here. As such a rise and dip would fit the chart on this as well, and the bulls could drive it up to the key fib at the 24150 level before some profit taking plays out. Let's see if the bulls are quick out the blocks on this to start with. If not then a drop down to the support area at 23820 to test S1 and the key fib. That could be tested later on though if we do get a bear Tuesday and the 24150 holds as resistance. Above that then 24201 is R1 and then 24400 being the recent high from earlier in May.
Good luck today.
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