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Levels to watch: FTSE 100, DAX and Dow

Indices look set for short-term weakness, yet given the recent bullish signals, this could provide us with a strong buying opportunity.

IG Analyst

Publication date : 2017-09-28T09:27:32+0100

Stock exchange
Source: Bloomberg

FTSE 100 pauses after bullish breakout

The FTSE 100 managed to break higher from a period of consolidation yesterday, with the price pushing through both trendline and horizontal resistance.

We are now seeing the index drift lower, yet given the gains we have seen of late, it looks likely that further upside is around the corner. With that in mind, short-term weakness is seen as a buying opportunity unless the price breaks back below 7271.

FTSE 100 price chart

FTSE 100 price chart

FTSE 100 price chart

DAX looks set for short-term pullback

The DAX has been testing a near-term support level today, which, if broken, would point towards a deeper retracement in the near term. An hourly close below 12,667 would point towards a potential move into Fibonacci support, around 12,637.

However, ultimately, any pullback would be perceived as a buying opportunity, with an hourly close below 12,596 required to negate the uptrend.

DAX price chart

DAX price chart

DAX price chart

Dow turning lower from resistance

The Dow Jones is weakening this morning following a rally into the notable 22,365 resistance level. The 22,323 support level is going to be key in signaling that we are likely to return to the lower bound of the recent price action, around 22,281.

For now, the sideways price action is expected to persist until we get a strong breakout signal. To the upside this would be clear, given the strength of the 22,365 resistance area. However, the somewhat inconsistent lows make a bearish breakout more difficult to spot. For now, consolidation is expected to continue apace.

Dow price chart

Dow price chart

Dow price chart

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

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CFDS are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

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