Levels to watch: FTSE, DAX and Dow

The end of the week sees indices moving higher, as bears are disappointed yet again.

Trader looking at data screens
Source: Bloomberg

FTSE 100 in the balance
It has been a merciless chop for indices this week, with the past 24 hours a classic example. Having pushing through the short-term descending channel on the hourly chart, we now look to the 6180 area for a firm move through to yesterday’s high around 6200.

Beyond this, further short-term resistance at 6220 is to be encountered. While buyers haven’t been able to get the index above 6220 on a permanent basis, the fact sellers have been conspicuously unable to push the price below 6080 signifies a breakout to the upside is becoming increasingly likely. 

FTSE 100 chart

DAX defended by the bulls
Having moved back over the 9500 level it looks like the bulls are mounting a strong defence, with the second weekly support pivot at 9443 coming firmly into play.

If the price can move back above 9700 then the way would be clear to head back to 9864 and then potentially as far as 10,000. Any drop back below 9500 first needs to clear 9443 and then may move on to 9200.

DAX chart

Dow buyers seek to rally
A rally overnight off 17,500 has helped restore some of the bullish outlook, but now the buyers need to move on above 17,700.  A real bullish breakout requires a move above 17,800, which would target 17,928 and then 18,058.

A drop below 17,500 in the coming weeks would suggest a drop towards support at 17,400, and potentially as far as 17,170. 

Dow Jones chart

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