Technical analysis for FTSE 100 for 11th February 2025
We could be on for a bear Tuesday today after yesterday's decent showing from the bulls. They managed to get through the 8780 resistance level, but stalled not too far above it. Initially we have support from the Hull MA at 8770 now, and the daily pivot at the 8755 level, so these could help with an initial climb before some selling later on. The tariff's on steel and aluminium announced last night have effected the ASX200 a lot more than the FTSE100 so far, so it will be interesting to see if we follow suit later on as well.
If the 8755-8770 area holds initially then I am looking for a rise towards the R1 at 8811 and the key fib at 8817 - as we also have the round number here we may well see the bears appear here and a possible leg down from this area towards the 8721 level for a test of S1.
The 2h chart is bullish to start with after yesterday so the momentum remains with the bulls, and we also have the green untested coral on this timeframe at 8715 - so should we see this then a hold of this area makes sense.
We have Bailey delivering a speech and Powell testifying today as well so expect some volatility at 12:15 and 15:00 respectively.
Below the 8720 level then we have the key fib, round number, 30m 200ema all at 8700-8705 but a break of this would likely see test of the lower daily support at 8645 - and make things decidedly bearish if it got that low! I am not expecting that today though.
On the bullish side, if they were to break above the 8815 area then 8843 is the higher daily resistance level and also R2. This may also open up a test of the top of the still rising 10d Raff channel at 8885 - though adding 100 points today might be a big ask...
The S&P500 2h chart remains bearish for today and the 6070 Hull AM resistance held repeated tests yesterday. As such that remains the level that the bulls will need to break to push higher, but it looks like we may well see the gap closed today at 6025 and a test of S2 also. 6021 is also the green daily coral line to lend some more support to this level.
So, expecting a bit of a rise and dip to play out today, and a test of the 8720 area for support and 8811 area for resistance.
Good luck today.
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