FTSE 100, DAX and Dow rebound, but questions remain
FTSE 100, DAX and Dow regain ground, but will this mark the beginning of a wider recovery?
FTSE 100 turns higher amid recent recovery phase
The FTSE 100 has been regaining ground over the course of the past week, with Wednesdays break through 5998 bringing an end to the downtrend in play throughout the second half of August. While this uptrend looks set to continue today, it is worthwhile noting the wider bearish trend in place since the June peak. A break through the 6300 region would end that trend, with Fibonacci retracement levels at 6093 and 6171 worth watching as potential stumbling blocks until then.
DAX consolidates as we await next move higher
The DAX has been consolidating at the beginning of the week, with the rise seen since the beginning of last week taking us out of a bearish short-term pullback. That recent rise though 13164 resistance signals the beginning of a move which will likely result in another push into and above the 13462 level. For the near-term, a decline below the 13096 level would bring about a signal that we could see a short-term weakening. However, unless we see the 12746 level broken, there is a good chance we are set to head higher before long.
Dow Jones rise takes index back towards key resistance
The Dow has been gaining ground, with the index pushing back towards the key 28207 resistance level. A break through that level would mark the end of this recent pullback, with the recent failure to create a new low marking the potential beginning of a new bullish phase. However, the ability to break that 28207 will be key in determining whether we are set on a renewed bullish pathway or not.
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