FTSE 100, DAX and Dow breaking higher as bulls regain ground
FTSE 100, DAX, and Dow push higher, with markets hoping to recover mojo after consolidation/retracement phases.
FTSE 100 breaks resistance to continue bullish trend
The FTSE 100 managed to break through the 7041 resistance level yesterday, bringing a fresh bullish signal for the index in the wake of a 61.8% Fibonacci retracement. The wider bullish trend always pointed towards such a move, and the confirmation of that breakout does bring about a fresh reason for optimism. With that in mind, bullish positions continue to be favoured, with a break below 6910 required to negate that bullish view.
DAX rallies into trendline resistance
The DAX has been recovering from a deep 61.8% Fibonacci retracement, with the index moving back up into a descending trendline this morning. That trendline, coupled with the 15270 level combine to form a crucial resistance zone which must be broken to bring an end to the recent retracement phase. Should we break 15270, it would signal a likely push back towards the prior peak of 15514. Irrespective of whether we decline or break through this resistance level, this period of weakness is viewed as a retracement and buying opportunity unless price breaks below the 14421 support level.
Dow Jones finally breaking from consolidation pattern
The Dow has been threatening to break higher from its consolidation pattern, and that appears to be happening today. The recent creation of higher highs and lows did signal the potential for a bullish breakout, and the move through 34251 signals a growing feeling that we could be on the cusp of a strong move higher. As such, a more confident bullish view is in play here, with a break back below the 33765 level required to negate that outlook.
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