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Levels to watch: FTSE, DAX and Dow

A Greek deal brings bullish start to the week, which is providing a new lease of life for equity bulls.

Frankfurt stock exchange
Source: Bloomberg

FTSE gets a Greek boost, bringing bullish sentiment

European equities have been at the mercy of Greek negotiations in recent weeks, and this is yet again the dominating force behind today’s early morning FTSE price action. The announcement of an agreement from notable Eurogroup members has provided us with a strong move higher and a number of crucial resistance levels have been passed through on the way. As such, I am bullish for a continuation of this recovery we are seeing, with the 6623 level representing a key support level which must hold for me to remain bullish. Resistance points in view are at 6808 and 6883.

FTSE 100 chart

DAX breaking out of descending channel in bullish move

The news of an agreement for a Greek deal has sent the DAX spiking higher. Given the strength seen in the back end of last week, today’s move higher has brought a move out of the descending channel that has been in place since March. Today is seeing that channel forming new support and I expect this to hold for the next leg higher. Should we see a close above 11,448 today, it would point towards further bullish price action this week, with resistance likely to come in around 11,635 and 11,927. 

DAX chart

Dow hits July high, showing clear signs of bottoming out

The Dow Jones broke to a new July high on Friday and with it, we have completed a clear bottoming out formation, where higher highs and higher lows are now being exhibited. As such, I am bullish and expect to see a strong move back towards 17,914 and 18,000 as long as the price remains above 17,686.

Dow Jones chart

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