Levels to watch: FTSE 100, DAX and Dow

Indices continue pushing, with new highs being set for many. With a short-term pullback seen this morning, this could be a good buying opportunity.

Source: Bloomberg

FTSE 100 retracing after push into new highs

The FTSE 100 managed to break to a new five-month high overnight, pushing above the key 7565 level once again. We are seeing some weakness come into play here, yet further upside seems a likely eventuality.

The key support level to note is 7526. As long as that is not broken, any weakness would be seen as a buying opportunity.

DAX weakness brings buying opportunity

The DAX pushed into new highs overnight, with the index retracing somewhat this current hour. This provides another buying opportunity, with any short-term downside likely to be greeted by further gains.

So far, we have hit the 50% mark, yet any greater retracement would be a buying opportunity. This bullish view remains until the price breaks back below 13,453.

Dow channeling higher into new highs

The Dow Jones is on a clear upward trajectory, with the price maintaining a consistent pace over the past 24 hours. We are likely to see further upside, but beware of a possible retracement.

A break below trendline support would point towards the 23,554 level as near-term support. However, the price would have to break below 23,469 to negate the current bullish outlook.

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.

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