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Levels to watch: FTSE 100, DAX and Dow

Yesterday’s bullishness has been moderated, with the FTSE 100 faltering in early trading.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-07-03T09:24:13+0100

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FTSE 100 stumbles on the open

The FTSE 100 has turned lower in early trading, having fallen back from Friday’s high.

The low of last week at 7494 is one area of possible support, while the rising trendline from the March low is currently being fought over around 7550. A close above 7710 is needed to break the sequence of lower highs that has been in place since the May all-time high.

FTSE 100 price chart

FTSE 100 price chart

FTSE 100 price chart

DAX builds on solid foundation

The support zone around 12,100 continues to hold, with the DAX dipping into this area and rallying yesterday.

If this continues then the 12,400, 12,447 and 12,477 levels come into view. A close below 12,100 would likely signal a deeper retracement towards 11,704.

DAX price chart

DAX price chart

DAX price chart

Dow bounces from trendline

The Dow Jones has held a rising trendline from the November 2016 low.

A firm bounce continues to target last week’s high at 24,500, and then on to a descending trendline from the all-time high, which would suggest resistance around 25,000. Below 24,000, the price would head towards 23,830, 23,530 and 23,343.

Dow Jones price chart

Dow Jones price chart

Dow Jones price chart

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