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Levels to watch: FTSE, DAX and Dow

With the FTSE back at the top of its range, it seems likely that we are in for a day of losses. Given the weak start to the day for the DAX and Dow, this is already beginning to take shape.

Joshua Mahony
Market Analyst, London

2016-04-11T08:32:07+0100

Data screens reflected in a trader's glasses

Source: Bloomberg

FTSE back to range top
The FTSE has posted a number of indecisive candles (doji and spinning tops) since mid-Friday, with price at the top of the range that has been in play over the past month. Given the clear sideways range which has dominated trade in recent weeks, it seems most likely that the FTSE will once more break lower, with the lower end of the range between 6067-6100 in view.

However, with a strong rally leading into this continuation pattern, there is a good chance the eventual exit will be upward. As such, should we see a closed hourly candle above 6220, it would provide a good chance of a sharp rally for the index, with 6270 the next key resistance level.

FTSE 100 chart

FTSE 100 chart

FTSE 100 chart

DAX breaking lower after retracement
The DAX is selling off heavily this morning, despite a very deep upside retracement on Friday. Throughout April so far, the index has remained within a clear downtrend and this move points towards a possible continuation of that trend.

Should we see a closed hourly candle below 9563, it would point towards a likely move back towards the April low of 9441. Below this, the 9396 support level is absolutely crucial. This bearish view would only be negated with a close back above 9704.

DAX chart

DAX chart

DAX chart

Dow tumbles as rally is called into question
The Dow Jones is falling in a continuation of the late sell-off on Friday. The break below 17,572 on Friday was a clear warning sign that undermines the clear uptrend that has been in play over the past two months.

From here, the next key support level is 17,484, where an hourly close below that level would provide another bearish signal with 17,400 and 17,284 the subsequent levels of note. This bearish short-term trend would be negated with a closed hourly candle above 17,686.

Dow Jones chart

Dow Jones chart

Dow Jones chart

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CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren. CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.