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FTSE 100, DAX, and Dow regaining ground after recent declines

FTSE, DAX, and Dow look likely to gain ground, with recent declines starting to turn into a more positive picture.

FTSE 100 rallies into 7195 resistance

The FTSE 100 has enjoyed a period of upside, with price rising through 7159 resistance to bring a one-month high.

However, we have now engaged the September peak of 7195, with price pausing as a result. A break up through that point of resistance is key in continuing the recent bullish phase. Until that is broken, there is a chance we could see short-term downside.

In any case, a short-term pullback would represent a retracement and buying opportunity unless price falls back through the 7059 swing-low.

DAX breaks through resistance to bring bullish reversal signal

The DAX has managed to break through the 15298 resistance level this morning, bringing about a fresh bullish signal after a period of weakness for the index.

With the stochastic rolling over from overbought territory, there is a chance we see a short-term pullback. However whether we see that retracement or not, another move higher is expected unless price falls below 15008 support.

Dow Jones on the rise from Fibonacci support

The Dow has started to turn upwards following a decline into the 76.4% Fibonacci support level at 34117. The subsequent move higher has taken us back into Tuesday’s peak of 34607, which brings a more confident bullish signal if broken.

As such, watch for further upside from here, with a break below 33850 required to bring about a more pessimistic outlook.

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