FTSE 100, Dax and Dow all fail to hold gains
Indices have failed to hold their gains from Wednesday’s session, returning to or moving below Monday’s lows.
FTSE 100 back to Monday lows
Yesterday’s FTSE 100 rebound turned lower in the afternoon, with the sellers still firmly in control. However, they have yet to break 5800 to the downside, with this area still holding as support. While the overall trend lower from June is still intact, the defence of recent support will give some hope to the buyers.
Dax comes under fresh pressure
The Dax turnaround on Wednesday afternoon stymied hopes of a rebound, but for now the price is finding support at the 100-day SMA (12,552). Below this the 12,150 area, the low from late July and the 200-day SMA at 12,157, come into view as support. A rebound targets 13,000 and then 13,400.
Dow turns lower
A reversal in Dow yesterday confirms that the sellers have the upper hand. The price is now testing the 100-day SMA at 26,572, as it edges below Monday’s low. 26,000 and 25,500 are near-term targets to the downside. A break above 27,500 would mark a breakout above trendline resistance from the September high.
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