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FTSE tumbles to new one-month low
As we approach tonight’s UK election, there is a possibility that markets might come off somewhat. Whether that is the root cause or not, the FTSE 100 has seen significant losses overnight feeding into this morning. While these losses are likely to extend a little I could see support coming in around 6865 which represents the descending trendline from mid-April.
Ultimately whether we retrace somewhat prior to another move low or not, I expect to see buyers come back in around 6846 (61.8% retracement) to 6825 (double top projection) area.
DAX indecisive following selloff
The DAX created a new two-month low today, yet despite this there are signs of a very indecisive market following yesterday’s doji candle. We are currently at the bottom end of the descending channel that has been in play over the last month.
Yes, we are creating new lower lows and lower highs, which point to a continued bearish outlook, however with support around 11,130 likely to cap any downside I expect to see some strength come back in towards the back end of this week.
Dow breaking out from triangle in bearish move
Yesterday saw the Dow Jones break lower from the symmetrical triangle in place throughout 2015. Price currently seems to be held up at the 17,765-17,750 support zone. Resistance is provided by the 100-day simple moving average and 22 April low of 17,852.
With price having been held up at such a key region of support, I am hesitant to jump on the bear bandwagon too easily. Thus I am bullish for a move back towards 18,070 should price move back above 17,870, or else a move back below 17,730 would then indicate a possible move towards 17,600. Until either happens I am neutral.