FTSE, DAX, and CAC rebound remains at risk given recent selloff
The FTSE, DAX, and CAC have been attempting to regain lost ground. However, risks remain evident given the recent selling pressure seen for indices.
FTSE 100 at risk despite recent rebound
The FTSE 100 has been on the front foot over much of the past week, with price managing to push up through 7296 resistance in the process.
Unfortunately for bulls, we are not out the woods quite yet, with the recent break below 7256 bringing the potential for this current rebound to be a retracement of the selloff from 7405.
With that in mind, it is worthwhile being cautious given the risk of another turn lower. A break below 7244 would be required to bring about a more confident bearish short-term outlook.
Meanwhile, a rise through 7405 would be required to end this bearish phase.
DAX rebound finds Fibonacci resistance
The DAX has attempted to regain lost ground overnight, with price rising back towards the 16027 swing-high. A break up through that level would bring about a more reliable bullish signal.
However, given the fact that price has run into the 76.4% Fibonacci resistance level at 15959, there is a good chance we continue this recent trend of lower highs by reversing lower here.
CAC rises into near-term resistance level
The CAC has managed to rise up into the 7090 resistance level this morning, bringing an end to the intraday pattern of lower highs.
We are seeing some selling pressure come into play here, which highlights the potential for another move lower to continue the recent selloff. However, the push through trendline resistance does show a potential that we could soon see price break higher.
A push up through 7090 would be required for that resurgence to come into play.
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