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FTSE 100, DAX and Dow rally back towards key breakout levels

​​FTSE 100, DAX and Dow consolidate ahead of potential breakout set within wider uptrend.

FTSE 100 could start to reverse if resistance is not broken

The FTSE 100 has been trading around the 76.4% Fibonacci resistance level overnight, with the index showing signs of indecision around this key zone.

The recent support found on the 6041 swing low brings and end to the creation of higher lows, signalling the potential for this current rebound to fall short. As such, sentiment will be dictated by the ability to break throughout either 6244 (bullish) or the overnight low of 6158 (bearish).

DAX falls back into trendline support

The DAX has been consolidating overnight, with the drop into trendline support seemingly sending the index higher.

The rise back into the overnight peak signals a potential breakout coming into play, but it makes sense to await a rise through 11,942 to signal the potential beginning of another bullish surge.

Dow Jones consolidation looks likely to spark next leg higher

The Dow Jones has been in consolidation mode, with the index trading within a symmetrical triangle formation. The wider trend does still remain bullish, and thus there is a strong chance we will see the index break higher from here.

However, it makes sense to await a break through 25,514 to raise the likelihood of that bullish surge coming into play. Otherwise, a break below the 25,217 level would bring a more bearish picture into play.


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