Levels to watch: FTSE and DAX

The European indices look set to push higher once more, in a continuation of the previous uptrend. But will this happen today?

Trader in the New York Stock Exchange
Source: Bloomberg

FTSE looks to continue grind higher

The FTSE has been grinding higher in a consistent if unspectacular fashion, with price creating new higher highs and higher lows over the past two weeks. This morning’s pullback looks like something very similar, with price forming support on the key 7068 level (late October high), only to rally upwards once more.

With that in mind, further gains seem likely with the all-time highs of 7127 within reach. This bullish outlook remains unless we see price break back below 7068.

DAX reaches triangle apex

The DAX is at the apex of a triangle formation, which could provide the spark to push the index out of its week long consolidation. An hourly close above 11,482 would provide a bullish signal, upon which there are precious few notable resistance levels of note. 

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