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FTSE 100, DAX and Dow rebound from key support

​​FTSE 100, DAX and Dow push higher, yet overbought signals point towards a potential easing of this rally before long.

FTSE 100 regains ground from Fib support

The FTSE 100 has been moving higher since falling back into Fibonacci support, with the 76.4% level providing a backstop to losses. However, we are not out the woods yet, with the subsequent rally taking us into overbought territory on the stochastic.

This could point towards some form of consolidation or pullback in the offing if we see the stochastic fall back below the 80 level. For now, the wider bullish trend still remains in play unless we break back below the 5666 level. However, the steep declines of last week leave a mountain to climb if we are to see this index regain the previous peaks of 6211.

DAX breaks higher from trendline support

The DAX has turned higher following a rebound from the region of an ascending trendline dating back to mid-April. The hourly chart highlights a more granular picture, with the break through 10,609 pointing towards a potential bottom having been established for now.

Much like the FTSE 100, we still have plenty of upside required to continue the wider uptrend with a break through 11,342. For now, there is a good chance we continue to regain ground as we build on the apparent reversal signals seen on the intraday charts.

Dow Jones surges higher, with resistance up ahead

The Dow Jones has also been on the rise, with the index pushing higher after finding support on the 76.4% Fibonacci support level. This is now taking us towards a crucial resistance level around 24,031.

With the stochastic rolling over from overbought territory, a breakdown back below 80 could signal the beginning of a pullback over the short term. However, further upside looks likely following this rebound from Fibonacci support, with a break back below the 23,324 level required to bring a wider bearish picture into play.

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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