Technical analysis for FTSE 100 for 2nd April 2025
Nice climb off the 8590 yesterday shows that there is still some bulls around despite the looming tariff war, which ramps up today. Will it be as bad as feared as Trump announces it later at 2000 GMT..... As such there may well be significant volatility this evening, which in turn may well see a more subdued day today.
For the FTSE100 the bulls will be looking to break above the 8620 area to start with as we have the daily pivot and the 30m red coral here, and if they manage to do so then we should be able to rise towards the 8685 level which was Friday's high and is the key fib for today.
After yesterday's drop from the 8670 level the 2h chart has gone bearish as you would expect but it's only weakly bearish. As such the bears will be looking to break 8600, which would open up a drop down to the 8567 level where we have S1 and the key fib as support. I would like to see this level hold as its just below yesterday's low and we could see some buy the rumour sell the news take place today as we play out.
If the bears break below the 8565 level, then 8526 would be the next level of note being the low on Monday, as well as daily support at 8512 - if we were to see this level then a long here is worth a go.
On the bullish side, if the bulls do break above the 8620 daily pivot area, then a rise towards the 8685 as mentioned, with 8700 above that. 8718 is then R2 and would be the next area that it would likely stall, though that area does feel a bit of a big ask for today.
On the news front today we have the ADP at 1315 with a rise to 118k from 77k expected. Again that may well lead to some volatility, and also note that we have NFP on Friday. ADP may well give a clue as to what that may well come in at.
Not too much more to say really - thinking it might be a bit subdued ahead of the tariffs announcement later, but keep an eye on 8565 support and 8685 resistance.
Good luck today.
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