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Dow in neutral territory
Having touched the 16,968 level yesterday, the Dow Jones closed in the mid-point of yesterday’s daily range at 16,943. The support at 16,900-10 is holding firm and this coincides with the 50-hour moving average – so long as this isn’t punctured we may see the index trade in a range with the all-time high 19,968 acting as resistance. A break above this will see us track towards 17,000.
On the downside, the H4 chart indicates the relative strength index going from overbought into neutral territory, so there is potential for a return to the 16,868 level.
FTSE eyes triple-top
The FTSE remains capped by 6880 and is currently trading at 6843. I refer again to the divergence on the daily RSI which may see price action decline to the 6800-12 levels; only a fall through the 100-hour MA will see this occur and, while the hourly RSI is oversold presently, the index may oscillate in a tight consolidation between 6846 and 6839.
The 6770-80 level remains important – the market did not produce a double-top, but there could be a triple-top in action with that area acting a pivotal support – a daily close through here could see a return to the mean initially targeting 6758 then 6670. (200-DMA)
DAX remains rangebound
Support at 9986 is working in the short-term for the DAX and during this time will remain rangebound until a breach of the highs at 10,035 occurs. RSI on both H4 and H1 is negatively diverging.
The convergence of the three major moving averages on the hourly chart shows support at 9955; if this fails the next support will be 9885. A rise through yesterday’s highs will target 10,112.