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FTSE 100, DAX and Dow consolidate at key breakout levels

FTSE 100, DAX and Dow have hit key resistance, key support levels needing to break to negate the recent uptrend.

FTSE 100 rolls over from resistance once more

The FTSE 100 has once again turned lower from the 76.4% Fibonacci resistance level at 7337, with the index heading back towards the lows of yesterday.

While this could bring another higher low, we need to see a break through either 7263 or 7341 to bring about a clear directional break from this current consolidation. To the downside, watch for 7276 as the first signal that we could see this market break lower. Ultimately, we need to see price move outside this current zone of consolidation to signal whether we ae going to reverse from or break through this 76.4% Fibonacci resistance level.

DAX consolidation likely to bring another leg higher

The DAX has shifted into another sideways phase, following on from a clear uptrend throughout October thus far.

The decline into 12,827 represents a move to match the lows from Friday, which would bring a more bearish picture into play if broken. We will ultimately need to see a break through 12,828 or 12,987 to bring about clarification on the next move from here.

Dow rallies into trendline resistance

The Dow Jones has continued its ascent, with the index hitting trendline resistance originating in July.

That trendline represents the top of a wider symmetrical triangle, and thus a break through this trendline and the 27,315 level would negate the consolidation seen over recent months. Alternatively, with trendline support down below, any move lower would require that line to be broken to bring a continuation signal within this triangle formation.

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