FTSE 100, DAX and Dow likely to turn lower from Fibonacci resistance
FTSE 100, DAX, and Dow have been on the rise. However, with Fibonacci resistance coming into play, a bearish turn looks likely from here.
FTSE 100 rebounds, yet bearish trend remains
The FTSE 100 has been regaining ground over recent trading days, with the index claiming back some of the ground lost in the first half of last week.
However, the decline below 7064 last week points towards a potential bearish shift coming back into play before long. With that in mind, it is worthwhile watching out for Fibonacci resistance at 7195 and 7237. It makes sense to expect further downside before long, with a break through 7305 required to negate this bearish outlook.
DAX on the rise, yet bears could come back in once more
The DAX has been on the rise since Thursday’s low, with the index rising into the 76.4% Fibonacci resistance level this morning.
With the continued creation of lower highs in play, this looks like a prime candidate for a reversal. As such, a bearish turn looks likely from here, with a rise through 11,862 required to negate this bearish outlook.
Dow rallies into Fibonacci resistance
The Dow Jones has similarly gained ground over recent trading days, with the index also rising into the 76.4% Fibonacci retracement level.
Once again, this could bring about a bearish turn from here, where a rise through 26,426 would be required to bring about a more bullish outlook. For greater bearish confirmation, watch out for a break back below the 80 level on the stochastic oscillator.
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