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FTSE finds support around 200-H MA
The home index is still unable to make much headway beyond 6740 this morning, having operated in a 60-point range for the week so far.
Support has been found this morning around the 200-hour moving average at 6710, which is also near the low seen on Tuesday. A close below 6700 would certainly make for some interesting trading, with a possible target around 6680 and then 6640.
If the FTSE can find the strength to clear 6740, then we look to Friday’s high at 6770 and thence to 6800.
DAX bears await ECB decision
Having breezed through the September high earlier this week there seems no stopping the German index.
The upside target is the June-July high around 10,050, which lies only a short distance away. Meanwhile, as the index pushes into overbought territory on the hourly chart it begins to look overextended once more. We have had a near continuous move upwards over the past week, with barely a single pullback, increasing the likelihood that the index will succumb to profit-taking in the short-term.
First support is possible around 9920 and then 9870, while a real move lower would take us to the rising trend from 17 November lows, with support around 9800. Such a drop back could be the only one bears get until the end of the year, depending on what the European Central Bank chooses to do (or, indeed, not to do).
Dow upside target of 17,900
US markets are closed for the day, but IG continues to make prices, with out-of-hours spreads from 6pm until 11pm (London time).
The 17,800 level for the Dow Jones continues to be support in this instance, with buyers stepping in around this zone. However, a declining intraday relative strength index suggests weakening momentum that could see a test of support around the 200-H MA at 17,740 and then 17,600.
The upside target for now remains Friday’s high at 17,900, as has been the case all week.