Technical analysis for FTSE 100 for 15th May 2025
UK GDP has just been released showing a small beat of the forecasts, however the FTSE100 has continued its slide from the 8640 level. That remains the resistance level to beat for the moment if the bulls are to target the 8690 area. Initially today we may well see some continued selling and a drop down to the 8500 area. That would fit well though as it would test the daily 25ema for the first time, and we also have the S2 and 20d Raff channel here for support.
Just above that we also have the key fib at 8510, so there are some decent support levels in play at this area. There are also some key US news events at 1330 today, most notably the Initial Jobless Claims forecasted at 229k.
If the bears were to break below the 8495 level today then we may well see the slide continue down to the daily coral at 8425 where we also have the next daily support level. That said, I am more inclined to go with the 8500 area holding and then more upside over the second half of May.
Resistance wise today then the daily pivot at 8571 is first up, with 8602 R1. This latter level may well see the bears have an attempt at dropping it down though, as once agin they will be trying to get the bulls to fail to hold above 8600.
If it were to push higher then the recent high at 8640 as mentioned. It probably won't go much above that though.
For the Dax40, an initial drop down to test the S1 and key fib at 23366 would fit the chart well, whereupon a decent bounce back to the daily pivot at 23535 would be good. 23645 is then the 2h coral and Hull MA resistance. We also have the bottom of the 10d Raff channel at 23340 today, so buying the dip feels the right play on this for today.
The S&P500 looks set to test the 2h coral at 5860 but has a bearish 2h chart with the Hull MA resistance at 5920. Closer in we have the daily pivot and the 30m coral at the 5886 level so we could see any early strength falter here.
Good luck today, keep an eye on 8550 for an early break (this held as support the other day) to test the 8500 area. 8600 for resistance.
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