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FTSE 100, DAX and Dow rallying towards key resistance

The FTSE 100, DAX and Dow have all continued to push higher after recent consolidation.

FTSE 100 pushing towards key resistance level

The FTSE 100 continues to gain ground following a week where the price managed to rise through the 76.4% Fibonacci retracement level to bring about a potential bullish reversal.

A break through the 7338 swing high would serve to raise confidence that this current upside is set to continue. Should that occur, we would be looking at a significant period of upside throughout much of the week.

DAX rallies from support once more

The DAX yet again held up at the 13,142 support level yesterday, with the price failing to bring the bearish signal that would come with such a break.

Instead we have seen the recent range continue, with the price moving back towards resistance around 13,277. Ultimately, we do still remain within the range that has been playing out over much of November thus far. With that in mind, we would need to see a break through the 13,303 region to bring about a new bullish breakout signal.

Dow rallies back into prior record highs

Declines in the Dow Jones proved short-lived, with the index rallying back into the crucial 28,089 resistance level this morning.

That resistance level represents the record high, with a break through this level providing a continuation signal for the ongoing uptrend. As such, the bullish trend remains in play, where the reaction to this resistance point will provide us with an idea of how the short-term picture will play out.

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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