Levels to watch: FTSE, DAX and Dow

Indices are likely to remain rangebound for most of the day as we await news regarding the Greek crisis.

A trader looking at data
Source: Bloomberg

FTSE remains rangebound

Over the past few days we have seen the 100 point trading range for this index shift from 6800-6900 to 6820-6920. The market continues to adhere to the rising trendline on the hourly chart that runs from last Thursday’s low at 6790, providing support for another attempt to break through Wednesday’s high.

DAX still battling with resistance

The DAX continues to bang its head against resistance at 11,000, as it has done throughout February. Only a breakout above here will allow the index to explore fresh all-time highs. Meanwhile buyers are still entering on any dips in the direction of 10,800 and 10,850, but with the daily relative strength index still declining many will choose to stay their hand until a more obvious trend emerges.

Dow finds support around 17,800

This index finds itself caught between 17,940 and 18,050. Breaks lower should still find support around 17,800 and then 17,700. The daily RSI and momentum indicators look weak however, with a potential bearish crossover developing on the stochastic momentum index I remain cautious. 

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.