FTSE 100, DAX, and Dow pullback unlikely to last
FTSE, DAX, and Dow expected to gain ground, with morning weakness viewed as a potential retracement phase.
FTSE 100 struggles after breaking resistance
The FTSE 100 has started to drift lower after a brief foray above the 7225 resistance level established back in August. A break below the 7181 level would bring about expectations of a more protracted period of downside here.
However, unless we see 7057 broken, any near-term weakness looks likely to represent a short-term pullback before we head higher once more.
DAX drifting lower after recent rally
The DAX managed to break through the 76.4% Fibonacci resistance level on Friday, heightening the chance that we are set to break out of this recent bearish trend.
However, price is turning lower here, clearly taking a turn in favour of the bears. Risks do remain given the ongoing wider trend of lower highs.
Thus, greater confidence comes into play for the bulls above 15759. Until then, there is risk of further short-term downside if price breaks below the 15416. Nonetheless, there is a strong chance that such a move would simply represent a retracement phase.
Dow Jones breaks resistance to bring bullish outlook
The Dow managed to break up through the crucial 35064 resistance level on Friday, bringing the recent bearish phase to an end.
The pullback seen yesterday found support on that same 35064 level, with price pushing higher once again. A decline through yesterday’s low could bring a short-term pullback into play.
However, any near-term weakness would simply be viewed as a bullish retracement unless price breaks below 34109.
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