FTSE 100, DAX and Dow continue to push higher
FTSE 100, DAX and Dow push higher, with US markets reaching record highs.
FTSE 100 rallies through key resistance zone
The FTSE 100 has managed to rise through the 76.4% resistance zone, which has capped much of the price action seen over the past two weeks. That rise takes us closer to the key breakout level of 7441, which would bring a wider bullish outlook if broken.
For now, we are seeing the price pull back, with the price having dropped towards the 7359 level. Should that short-term swing low break, it would point towards further downside as we retrace the rally from 7240. Until that happens, further upside seems likely.
DAX rally pauses after rally into historical resistance
The DAX has been on the rise once again, with the price hitting a 16-month high this week. We are starting to see the price consolidate after rising towards the notable 13,208 resistance level (May 2018 peak).
There is a chance we could see further downside for the near term, yet such weakness would likely be fleeting unless we see a break below 12,792. For the short term, a break below 13,116 would raise the likelihood of a short-term retracement. Until then, the bullish outlook remains in play.
Dow continues to gain ground after hitting record high
The Dow Jones has managed to break into a record high this week, with the price breaking through 27,315 and 27,403 resistance. The lack of resistance above the current price points towards further upside, with traders likely to follow the short-term trend for now.
The hourly chart highlights the continued creation of higher highs and lows. A break below the most recent swing low of 27,403 would point towards a retracement of the wider rally from 26,914. Thankfully that swing low also represents the prior record high, thus adding greater value to 27,403 as support in any short-term pullback.
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. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100, 1.2 on the Germany 40, and 0.4 on the US 500
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100, 1.2 on the Germany 40, and 0.4 on the US 500
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
