DAX approaching crucial bullish breakout level
The DAX has started to regain ground, with the price approaching a crucial double bottom neckline of 11,711.
Should we post an hourly close above that level, it would point towards a bullish phase coming into play following recent losses. As such, look out for such a break as a signal of a reversal. Until then, continued consolidation looks like a distinct possibility.
Dow finding support on ascending trendline
The Dow Jones has moved back into trendline support in a clear phase of consolidation since tumbling lower last week. The ability to remain above trendline support will be key in determining whether we are going to push upwards from here.
As such, much like the FTSE triangle, the ability to push through the first swing high (25,545) will be key in signaling an impending upward move for the Dow. To the downside, watch out for a break below the previous low of 24,896 as a precursor to another leg lower.