Levels to watch: FTSE 100, DAX and Dow

GBP weakness has boosted the FTSE 100 above 7300, while the Dow is knocking on 26,000 once again.

FTSE 100 lifted by GBP weakness

The rally for the FTSE 100 has intensified, topping 7300 in early trading, following on from a session in which it smashed through the February highs and the 200-day simple moving average (SMA).

From here the longer-term view would suggest a push towards 7400 and on towards downtrend resistance from the all-time highs. The bullish view persists unless we see a move back below 7100.

DAX still becalmed below 11,700

Here the DAX has still been unable to break above the 11,700 highs, but it remains in an ascending triangle formation.

Dips towards 11,600 may find support, but a break below 11,570 opens the way to short-term support at 11,400. Above 11,700 the index will begin to target 12,100.

Dow eyes nearby resistance

A number of possible areas of resistance are close by for the Dow Jones.

We have the December high at 26,071, and then trendline resistance from the all-time high around 26,140, followed up by the November high at 26,277. From there the all-time high at 26,950 comes into view.

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