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FTSE could see a correction
Should we witness a daily close through this level we could be in for a more concerted correction.
Any rise through 6800 may run into resistance at the 50-hour moving average, while an additional move to the downside targets the rising channel support around 6720-30. Below that lies the 50-day moving average at 6700-5.
A push back through 6860 could reverse the current short-term down trend.
DAX bound to the upside
The DAX is finding bids at the 9580-9600 level and remains bound to the upside for now, with rising support coming from the four-hour channel in situ since 15 April.
A decline through the 9680 level targets 9530, with 9480 coming in after that. A move through the top side of the 200-hour MA puts us on a trajectory towards 9721. The relative strength index, in the short term, is rising and has entered the overbought area, so one could expect to see a minor pull back in advance towards 9649.
Dow could attack 16,445
The fact that we have seen the Dow Jones move back through the 16,400 level and the 50-DMA tends to put a little bias to the downside, particularly since the moving average has provided some decent support since 16 April.
Likewise, the trendline support, since roughly the same time on the four-hour chart, has now failed to come in to save it. Nevertheless, we are seeing some buying at 16,360 (a 50% retracement of the entire move)
This trendline may now act as resistance should we see a bump higher from here – the bullish divergence on the same timeframe suggests that an attack on the 16,445-50 level could be imminent, coinciding nicely with the 50-hour MA.
Below the 16,360 level lies the 16,308 level.