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FTSE 100, DAX and Dow starting to show bullish resurgence signs
FTSE 100, DAX, and Dow attempt to regain ground following the recent declines, with a tentative push through resistance highlighting underlying bullish trend.
FTSE 100 regains ground after the recent retracement phase
The FTSE 100 has been on the back foot of late, with the index falling back into the 76.4% Fibonacci support level around 6538. That pullback looks to have provided a buying opportunity, with today’s rise through the 6648 resistance level providing a fresh bullish signal for the index. This push through SMA and horizontal resistance helps bring fresh optimism for the index, with a break back below the recent low of 6550 required to start raising questions over this recovery.
DAX rebounds towards key resistance after recent decline
The DAX has been attempting to regain ground after a decline into and briefly below the 13830 support level. That rebound provides us with a potential area to recover from, yet it makes sense to await a break through the 14034 resistance level to bring greater confidence in such a move. With that in mind, sentiment will be dictated by whether we move through 14034 or 13797 from here.
Dow Jones rebound breaks recent bearish pattern
The Dow has managed to push through the 31642 resistance level today, with yesterday’s gains ultimately ending the recent trend of lower highs. That points towards a potential continuation of the wider bullish trend from here. As such, while we are seeing the index turn lower here, there is a good chance we could see the price ultimately hold up within this consolidation phase to ultimately break higher.
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