FTSE 100, DAX and Dow start to reverse higher
FTSE 100, DAX and Dow start to turn higher following a period of weakness at the beginning of the week.
FTSE 100 looks set for potential rebound
The FTSE 100 managed to break through the 6144 swing high overnight, bringing about a fresh higher high which could spark a period of upside for the index.
Having pulled back into the 61.8% Fibonacci support level, there is a chance we could start to strengthen from here. As such, a bullish outlook is in play unless we break back below the 6084 level.
DAX rebounding from trendline support
The DAX has been regaining ground after a decline into the 61.8% Fibonacci retracement level of 12,750.
This morning has seen another pullback into trendline support, with the index heading higher once more. That should provide us with another period of upside as we continue to build on the bullish momentum seen yesterday. As such, further upside looks likely from here, with a break below the 12,807 required to negate that bullish view.
Dow hoping to build on recent gains
The Dow Jones has been on the rise over the past 24 hours, with the index seemingly having bottomed out after a period of downside.
With the price heading lower in early trade, we are now starting to see the index start to gain ground from the 50% Fibonacci level. While we could see further short-term downside, a short-term bullish outlook holds unless we see a break below the 26,427 intraday low established yesterday.
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