FTSE 100, DAX and Dow consolidate as we await the next move
FTSE 100, DAX, and Dow consolidate after recent decline, with traders awaiting the next breakout.
FTSE 100 turning higher within consolidation range
The FTSE 100 has been consolidating within the 6476-6513 range over the course of the past week, with the index treading water after the early February gains. While the price is moving higher to push up towards the top end of this formation, we are awaiting a breakout and a closed candle outside of this range to signal the potential breakout and trend continuation.
DAX falls back into prior record high
The DAX has been under pressure of late, with the index falling back into the 13830 level yesterday. That area represents an interesting zone which encapsulates the prior record high of 13830, the trendline support, and the 200-SMA. These three factors could help alleviate losses, with the index potentially set to bottom out from here. Ultimately, this pullback is deemed a retracement of the 13307-14193 rally, signaling a chance of a deeper pullback. However, until we see that 13830 level broken, there is a good chance we will see the index find support once again.
Dow Jones consolidation sees price break intraday swing-low
The Dow fleetingly fell below the 31238 support level yesterday, following a period of gains for the index. That bullish outlook thus comes under the microscope as we ascertain whether this is simply a consolidation phase or the start of a wider pullback. Thus far we have seen the price recover back towards the 31509 resistance level. However, with the trendline support in play, a breakdown below that point could bring the bears back into play. Ultimately, the overall bullish trend evident in this pair means we should give it the benefit of the doubt for now. Thus, a bearish intraday view only comes with a break down below yesterday’s low of
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