FTSE 100, DAX and Dow rise, but is the worst over?
FTSE 100, DAX and Dow regain ground after recent losses, yet questions remain as to whether this is truly the end of that bearish phase.
FTSE 100 rises towards deeper retracement level
The FTSE 100 has been on the rise over the course of the past three-trading days, with the index pushing beyond the 61.8% and 200-SMA resistance this morning. That rise takes us back towards the 76.4% Fibonacci level, at 5980. With a wider bearish trend in place since the June high, there is a good chance we are looking at a retracement, where a break through 6041 is required to negate that trend. Until then, there is a good chance we will see a turn lower before long, with that 5980 level providing the most interesting area to watch.
DAX continues its ascent as risk sentiment improves
The DAX has similarly moved through the 61.8% Fibonacci level this morning, with the index pushing towards the 76.4% retracement at 13046. This market still remains within a wider bullish trend, yet a rise through the 13185 level would be needed to provide a confident bullish signal from here. Until then, the reaction to this upcoming resistance level will be key in determining whether we are set for another short-term move lower or not.
Dow Jones rises back towards key resistance level
The Dow is on the rise, with the index pushing back towards the notable 28838 resistance level. A break through that level would bring a inverse head and shoulders formation into play, with the creation of higher highs signaling the likely end of this recent pullback. Ultimately we would need to see 28958 broken to bring greater confidence of such a bullish continuation, yet a rise through 28838 would provide a significant indicator of impending upside for the index.
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