FTSE 100, DAX and Dow consolidate after recent rebound
FTSE 100, DAX and Dow consolidate after recent rebound. Given the size of recent losses, further upside remains a distinct possibility.
FTSE 100 in consolidation mode after rebound
The FTSE 100 has been trading within the 7155-7243 zone over the past 48 hours, with the index consolidating after a rebound from key 7078 support.
Given the size of the sell-off into that 7078 level, there is a good chance that we will see further upside come into play for the short term. However, watch for a break through either 7155 or 7243 to provide a signal of where we go from here.
DAX attempting to push higher after recent losses
The DAX has managed to push through the 11,751 resistance level overnight, helping point towards a continuation of the gains seen since Tuesday’s lows.
Once again, the severity of the prior sell-off does point towards a high likeliness of a decent rebound over the latter part of the week. With the price having broken 11,751, further upside looks likely. A break below 11,556 would take us back into a more neutral position.
Dow regains ground, yet could retrace over short-term
The Dow Jones has also been regaining ground, with the index managing to get back to levels seen on Monday.
We are seeing that upward momentum slow somewhat, pointing towards the possibility of a short-term retracement. However, the key is whether we see 25,440 broken. As long as that level is not taken out, then further upside is to be expected.
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