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FTSE 100, DAX and Dow likely to gain ground once again

FTSE 100, DAX, and Dow look primed for further upside after overnight pullbacks.

FTSE 100 rising after overnight retracement

The FTSE 100 pulled back into a deep retracement after yesterday's rally, with the price falling towards the 76.4% Fibonacci support level.

We may not have touched that level, but the prior rally through 7350 points towards that recent move lower as being a retracement before we push higher. That is starting to play out this morning, and thus it makes sense to look for further upside as we close out the week. A break below 7287 would be required to negate this bullish outlook.

DAX continues to grind higher

The DAX continues to push higher following the recent decline into 12,305 support.

Trendline support appears to be providing a nice predictable trajectory in this rally. There is a good chance we will continue to move higher given the respect of that trendline. A break below trendline support starts pointing towards a continuation of the consolidation seen over the past week. Until then, watch for further upside as we move towards the key resistance level of 12,496.

Dow turning higher after recent pullback

The Dow Jones is looking similar to the FTSE 100, with a deep retracement coming marginally above the 76.4% Fibonacci level.

We are now seeing the price turn higher, as it looks like we are going to continue the uptrend seen over the past month. With the price having reversed last week’s pullback, we expect to see further higher highs and lows where a break below 26,990 would be required to negate this bullish short-term bias.

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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