Technical analysis for FTSE 100 for 20th May 2025
We got a decent bull Monday in the end with the 2h coral support at 8620 holding well and the bulls managed to break above the 8700 resistance level, thus keeping hopes alive for a test of 8900 before too long. That said we may well see a bear Tuesday today with the resistance at 8777 being R1 looking like it might be a spot that the bears appear.
Initial support is at the daily pivot and round number 8700, with that being Friday's resistance now becoming support. As such I would like to see this hold this morning, especially as we have the green 30m coral at the 8708 to start with as well. If the bears were to break below this then it may well drop as low as 8650 where we have the S1, 30m 200ema, and the key fib just below at 8641. The bulls would be keen to defend any drop this low though and will be looking to keep the 2h chart bullish. The Hull MA support on that is now at 8690, and the Raff channels on the daily chart are still heading up (still buy the dips on the longer timeframes).
For the bulls, if they manage to break above the 8777 level today then the next logical target is the 8800 round number, and then 8820 R2 above that. A lot will depend on the geopolitical backdrop though in the short term, with progress being made o the Russia/Ukraine war possible cessation, and the S&P500 wanting to break above the 6000 level again.
The S&P500 will need to defend the daily pivot at 5934 to start with today if the bulls are going to get a rise, as a break of this will likely lead to the 5900 level where we have S1, 30m 200ema and 5893 for the key fib. A rise and dip may well play out on this, if they can defend the daily pivot initially. A rise towards the 5995 R1 level before some profit taking would make sense, but the 2h chart has weakened a bit and has Hull MA resistance at 5961 to start with though.
Similar picture for the Dax40 with the daily pivot at 23918 looking like initial support with 23771 below that. Resistance is at 24100 where we have the key fib for today, with a likely drop off from this (as its also the round number).
Good luck today.
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