Technical analysis for FTSE 100 for 28th March 2025
It looked like it might finally break but the 8610 was defended once again so still remains the line in the sand for the time being. Initial support today is higher though at the daily pivot and I would like to see the bulls push higher off this, at least initially. The 2h chart is bullish to start with after that climb yesterday with the 8651 level as Hull MA support, and GDP figures have just been released looking fairly positive. The bulls will have a bit of a tailwind going into today's session.
Below the 8640 level then 8610 once again features on the radar, with the next daily support 8564 below that. I am not expecting it to get that low though and ideally the daily pivot holds initially. if we do see these levels then worth tentative longs to catch any possible bounce.
On the bluish side of things then 8681 is R1 and the first hurdle, as it also links in with the daily level at the 8684. If the bulls were to break above this then the 8700 round number followed by the 8742 once again. Again, that might be a big ask for today as it's Friday and everything still remains quite jittery.
I am envisaging some profit taking/shorting ahead of the weekend as various geopolitical things continue to flare up, plus there might well be some random tariff announcement.....
The FTSE100 daily chart has gone bearish again now, and the Raff channel has started to head down. The 25ema daily resistance level is at the 8664 level and been tested first thing this morning so the bulls will certainly have to be quick out the blocks today,
The Dax40 and S&P500 are both a bit more pessimistic with bearish 2h charts to start the day off. The bulls will be looking to break 22700 and 5740 respectively to enable a push higher. Again I am thinking that a rise and dip may well play out. On the support side then 22440 and 5680 respectively are the levels to watch.
So, be slightly cautious today as it's Friday but look for a rise and dip across the board today. Good luck and have a great weekend.
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