Rallies in FTSE 100, DAX 40 and Dow have further to go
Outlook on FTSE 100, DAX 40 and Dow as investors pile back in to global stock markets.
FTSE 100 hits yet another record high
A weaker pound sterling and foreign investor buying of the undervalued UK blue chip index propelled the FTSE 100 to a record high on Monday. The pound sterling bouncing back following hawkish comments by BoE chief economist Huw Pill has not put a spanner in the works with the FTSE 100 hitting yet another record high and remaining on track for its fourth straight day of gains.
Minor support sits between the early-to-mid-April highs at 8,046 to 8,017.
Medium-term the 161.8% Fibonacci extension of the March-to-June 2020 advance, projected higher from the October 2020 low, around the 8300 mark represents a possible upside target.
DAX 40 regains lost ground
The DAX 40’s strong rally off last week’s 17,400 low has gained traction and is trying to overcome last week’s high at 18,195. If overcome on a daily chart closing basis, the 8 April high at 18,329 will be in focus, together with the 4 April high at 18,429.
Minor support can be spotted around the 5 April low at 18,085 and around the psychological 18,000 level.
Dow sees strong three straight day rally
Since last week the Dow Jones Industrial Average regained lost ground and has risen by around 3% with the 55-day simple moving average (SMA) at 38,783 representing the next upside target, together with the 10 April high at 39,029.
Potential slips may find support around the 38,452 March low and further down, around the late February 38,336 low.
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