Bullish move for FTSE
The FTSE 100 has now breached the 6700 level, helped by the continued appetite for the mining contingent of the index. The move is quite bullish, considering that a number of stocks go ex-dividend today.
Now, with the price action above the key 50,100 and 200 moving averages, we may find a degree of selling occurring at 6717/20. The main upside resistance lies at 6770, which was at the top of the range witnessed in trade prior to the breakout to 6850+ at the end of last month.
Any breach of the 50DMA should find support at 6640/60.
DAX finds strong support
Last week’s candle had a great deal of bullish sentiment – helped in part by the flash crash in the futures market – with extensive bidding at the 9000 level.
The DAX’s move back above the 50-day moving average sees the 9390 level offering strong downside support.
Should price action remain above 9535, we could see a return to 9610 in the near term. 9660/70 stands in the way between current prices and the highs reached last month.
Dow could tackle resistance
The Dow Jones is currently trading below the 50-day moving average. A daily close above the 16,000 level, and a convincing break of yesterday’s highs (16,030) metric, would put the index in good stead to tackle this resistance point, currently around 16,120.
Intraday rising support should come from the previous support at 15,940, with the 50-hour moving average at the 15,877 levels coming in below that.