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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.