FTSE 100, DAX and Dow ease back, yet bullish trend holds
FTSE 100, DAX, and Dow are weakening in early trade, yet the wider bullish trends point towards a potential bullish turnaround before long.
FTSE 100 pullback brings a potential buying opportunity
The FTSE 100 has drifted lower since the Tuesday peak, with the stochastic moving into oversold territory. While the index failed to break through the 6811 resistance level, there is a strong chance that the current move lower is a retracement before we push higher once again. The one caveat is that we do not know exactly how far this index will retrace. In any case, the weakness we are currently seeing does look like a potential buying opportunity, with a break below the 6483 level required to negate that bullish outlook.
DAX finding support on deep Fibonacci level
The DAX has slumped back into a confluence of moving average and Fibonacci support this week, with the 76.4% retracement and 200-SMA coming into play here. That looks likely to provide us with a potential buying opportunity as we look for a continuation of the bullish trend. Greater confirmation comes with a rise through the near-term swing-high of 13979. However, while a break below the 13826 level would bring a wider retracement of 13307-14193 into play, this area of support looks interesting as a potential reversal point.
Dow Jones easing back within uptrend
The Dow is turning lower after a failed attempt to break 31722 resistance. While the uptrend has become less convincing over the past week, we would need to see a break through 31342 support to negate the ongoing trend of higher lows. With that in mind, this move lower is expected to be a retracement phase before we reverse higher once more. As such, bullish positions are preferred until 31342 is broken.
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