FTSE 100, DAX and Dow breaking higher once more

FTSE 100, DAX and Dow Jones gain ground, as European markets take the lead.

FTSE 100 surges higher once more

The FTSE 100 is continuing its recent ascent, with the index surging through the 61.8% resistance level following yesterday's push into the 7259 high from last week.

There is still a chance that we are seeing a retracement here, and thus it is worthwhile watching to see if the price respects the 76.4% Fibonacci retracement at 7337. Until then, further upside looks likely for the short term.

DAX breaking higher from recent consolidation

The DAX has pushed through the 12,817 resistance level, in a move that confirms the continuation of the uptrend seen throughout October thus far.

The wider picture points towards the next resistance level of note coming around 13,208, and there is plenty of room for further upside in the short term. A break below 12,650 would be required to negate this bullish outlook.

Dow on the rise, yet the picture remains unconvincing

The Dow Jones is also gaining ground, yet unlike its European peers, this market remains within a position that could see further downside come into play.

A break through the 26,947 would start building a more bullish picture, but it is also worth noting that we are not far from trendline resistance that has capped upside since early September. Therefore, while a break through 26,947 does provide a more bullish outlook, there are still major hurdles to overcome for bulls.

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