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FTSE 100, DAX and Dow ease back, yet bullish trends remain

​FTSE 100, DAX and Dow upside begins to slow, yet any downside is likely to be brief.

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FTSE 100 looks set for further upside

The FTSE 100 has managed to push into a new four-month high off the back of both election and US-China trade optimism, with the index reaching this high yesterday.

We have seen the index consolidate overnight, yet it is likely that this sideways price action is a precursor to further gains. Watch for a break through yesterday's peak and the 76.4% Fibonacci resistance at 7557 to provide a renewed bullish signal for the index.

FTSE 100 price chart Source; ProRealTime
FTSE 100 price chart Source; ProRealTime

DAX continues to stutter after bullish breakout

The DAX broke into an impressive 22-month high with the rise through 13,375 on Friday.

However, the index has been consolidating since that break, with gradual gains seeing us grind back towards Friday’s peak of 13,458. A break through the previous high could be the signal needed to bring about a new bullish surge. Alternatively, a decline below 13,253 would signal a likely period of retracement for the index.

DAX price chart Source; ProRealTime
DAX price chart Source; ProRealTime

Dow easing back after recent breakout

The Dow Jones managed to break into a record high yesterday, yet we have seen the index pull back somewhat since. With the price falling back again currently, there is a chance we will see further downside for the short term.

A break below 28,188 would signal such a move. Should that occur, watch for a potential retracement of the 28,023 rally to come into play. However, the bullish uptrend remains intact until such a break occurs, with a decline below 28,023 required to negate this recent bullish theme.

Dow Jones price chart Source; ProRealTime
Dow Jones price chart Source; ProRealTime

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