FTSE 100, DAX and Dow breakout points towards further gains
FTSE 100, DAX and Dow surge points towards the likelihood of further upside to come.
FTSE 100 pushing higher once more following
The FTSE 100 is looking to build on yesterday's gains, with the index surging higher after the price broke through the crucial 5557 resistance level. That shift out of the recent trend of lower highs allows for further upside, with the bulls clearly taking hold for the time being.
An overnight pullback has been cast aside with ease this morning, bringing the price into another high. That pullback can be useful for us, with long positions preferred unless we see a break below the 5573 swing low.
DAX outperformance sees surge into three-week high
The DAX has pushed out of the consolidation phase seen since the final week of March, with the push through 10,098 providing us with a bullish breakout signal.
That level has now been respected as new support, with the price breaking higher after a retracement into that new support level. A bullish outlook is thus now in play, with a break below 10,098 required to negate this view.
Dow surge continues following bullish breakout
The Dow Jones has also managed to break into a three-week high, with the index building on an initial move through the 22,685 resistance level overnight.
That ability to immediately surge back into fresh highs after just a few hours of consolidation points towards further upside for the short term, with a bullish outlook thus in play unless we see a break back below the 22,422 level.
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