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Key index levels: technicals for FTSE, DAX, Dow

Yesterday’s bullish hammer managed to sustain a bounce off the FTSE’s 6500 levels, and there appears to be longer-term trendline support from the June 2012 lows.

200-DMA proves challenging for FTSE

The FTSE 100 is now seeing price action back through the 50-hour moving average, and early trade is seeing a test of the 100-hour moving average at 6565.

The 200-daily moving average at 6585/90 is still the real test here if we are to break towards the 6632 levels; until we get through this level, there is prevalence for a range-bound move.

As usual, beneath 6500 lies the support of 6470 level.

DAX sees gains for five days straight

The DAX has coped well since the dropback to 9000; it has managed to see gains over the past five days, and is now finding decent support at 9200. The next major hurdle for the indices lies at the 9360 level, which we haven’t succeeded in executing a daily close above over the past week. A move through here is likely to see a quick move towards 6400.

The four-hour channel in place since last Friday is holding, and intraday support should arrive from the rising trend-line at 6250.

The hourly relative strength index is looking overbought so we could well see a minor pullback in the near term for the German benchmark.

Dow reverses Fed selloff

Having succeeded in pushing through the 16,300 level with conviction yesterday, and erasing much of the ‘Yellen selloff’, the Dow Jones is now in a place to make a break through 16,400, particularly in light of the confluence of the 50,100 and 200-hour moving averages which should support upside.

A move through 16,400 and a daily close is likely to see 16,506 tested. Any declines below the 16,200 level would negate the current upside bias. RSI is also looking overbought on the 1-hour chart.

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