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FTSE 100, DAX and Dow decline into key support

FTSE 100, DAX and Dow declines bring price into crucial support levels.

FTSE 100 declines within recent uptrend

The FTSE 100 has been on the slide, with the price falling sharply in response to an initial break below 7389 support.

For the most part this looks like a retracement of the 7213-7440 rally, thus bringing the 7300 and 7266 Fibonacci support levels into play. Those deep retracement levels look attractive for long positions, with a break below the 7213 level required to negate this current bullish outlook.

DAX fails to break through key resistance

The DAX fell short once again, having attempted to break through 12,496 for the third time in as many weeks.

This current decline could be part of a consolidation phase, yet a break below 12,142 would bring about a more bearish picture following recent gains.

Dow declines into confluence of support

The Dow Jones has also been on the slide, with the price declining into a confluence of support yesterday.

That crossroads between the 200-period simple moving average (SMA), descending trendline, and the 30 August peak with be a crucial hurdle this market has to overcome for further downside. With recent losses bringing us into oversold, there is a chance we could see the bulls start to take control for the short term. Given the previous retracements within this downturn, it is highly likely we will see such a short-term rebound. However, a break below this zone of support would look to continue the steep sell-off seen yesterday.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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