FTSE 100, DAX and Dow start to weaken after recent gains
FTSE 100, DAX and Dow rally could falter in the near term, with the recent gains starting to fade.
FTSE 100 turns lower after recent gains
The FTSE 100 has been attempting to roll over since the rally into the key 5975 resistance level this week. However, with price heading back into the 5915 swing-low established yesterday, a break below that point would signal a likely bearish phase coming into play. A break through the 5975 resistance level would negate this bearish short-term outlook.
DAX rebound starting to come under pressure
The DAX rallied through 12858 resistance yesterday, bringing an end to the period of weakness seen at the back-end of September. However, that rise has seen the index move up into a potential inside trendline resistance. With the stochastic oscillator turning back into the 80 threshold, there is a good chance we will see a deterioration in momentum. As such, it looks like the index is at risk of a turn lower from here, with a break through trendline and 12948 resistance required to bring about a bullish continuation signal.
Dow Jones starts to roll over after recent rise
The Dow has started to ease back this morning, following a period of gains that have taken us up into a near three-week high. With the stochastic turning lower within overbought territory, a break below the 80 threshold could provide a short-term bearish signal. If we do see such a downside move over the near-term, we will be looking at a likely retracement of the rally from 27252. Conversely, a rise up through the 28210 resistance level would be required to provide a short-term continuation signal.
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