Technical analysis for FTSE 100 for 17th February 2025
The US markets are closed today for President's Day, so we may not be quite as volatile today. The week has started optimistically however and we may well be on track for a decent Bull Monday overall, with the FTSE100 looking like it will want to defend the 8700 area and push on towards 8792 today.
Initial resistance is at the 200ema on the 30m chart and also R1 at 8750, so the bulls will be looking to clear this hurdle early on.
The 2h chart is bearish now though after the drop on Friday, and the Hull MA resistance is at 8770, along with the red coral at 8795. It is this latter level that looks key as it also aligns nicely with the R2 level at 8792. As such if we get a rise to this then we may well see the bears have a go here, and also a slightly lower high from the recent test of 8835.
Look for another test of 8835 if they break above 8795 though to put in a double top. Above that then we still have the next daily resistance level at 8867. With the US closed then I am not expecting it to get that high, some news notwithstanding (Ukraine/Russia being the main thing in the headlines atm)
Support wise today we are just sitting on the bottom of the 10d Raff channel as I am writing this, at the 8715 area, so an initial rise would make sense. Below this then the 8780 area is the next major support to keep an eye on as wee have a cluster of supports in this area. If we were to test 8680 today then I would like to see this hold for a rise back above 8700. Would be worth trying another long here.
Lower down than 8660 is S2 and the 20d Raff channel (both Raff channels are still rising so a test of the bottom of the channel should in theory get a reaction). Below this, and not expecting this, is the 8630 daily support.
The ASX200 had a decent bull Monday and I am thinking that we may well follow suit - a rise and dip would play out quite well today.
For the DAX40 that would also fit well with a rise towards the 22658 level for a set of R2 and the key fib before a drop back towards the daily pivot at 22520 on some profit taking.
Good luck today.
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