Technical analysis for FTSE 100 for 23rd July 2025
A good rise overnight to pretty much test the 9075 higher daily resistance level we have had for this week and that is the one that the bulls will need to break today to enable a push higher. If they manage that then a test of the top of the 10d Raff channel at 9110 area would make sense. However, initially I am thinking that we will see a drop down to close the gap with yesterdays closing price, and also test the daily pivot support area at 9022. 9075 is decent resistance after all!
The 2h chart is still bullish of course and has Hull MA support at 9020 for today so links in with the pivot and a test of this area would be good to resume the climb today, and build on the hold of 9000 yesterday.
If the bulls were able to break above the 9110 level today then 9134 is R3 though that might be a bit optimistic I feel, especially as this climb is on hopes of tariff deals rather than anything concrete.
Meanwhile, if the bears were to break below the 9020 level then S1 and the 30m 200ema are at the 9000 level and also round number so may well see a reaction as the bulls will be keen to defend that level. A break of this though and then 8966 key fib and S2 at 8955 is the next strong support zone. I am not thinking it will get that low as the bulls will be keen to keep the momentum going.
Obviously we are also approaching the summer season, so we may well see things be more cautious into August - and a possible drop down from these highs during the month. There isn't any major UK news scheduled for today either so we should see a decent reaction at the various key levels.
The DAX40 also looks like a dip and rise may well play out, with a test of the daily pivot and 30m coral support at the 24090 area. That may well then see a bounce as high as R3 on hope of a decent trade deal with the US as well and overnight it has broken above the 2h resistance at 24222 - the bulls will certainly be keen to continue that break out if possible. Lower support is S1 and the key fib at 23895.
The S&P500 is also trying to break above the 2h Hull MA resistance currently at 6324, so we may well see a dip and rise on that and a drop down to test the 6300 support area where we have the daily pivot and the 30m 200ema. The daily Raff channels continue to rise on this so its still buy the dips for the moment though it does feel like it may well change course soon...... Above 6325 then 6337 is R2 and a likely initial target on any bounce, with 6346 above that. That could cap any climb today though as there is only a 30 point range between R1 and R3 so there is still some consolidation playing out on this.
Good luck today
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