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FTSE 100 and DAX hit trendline resistance

FTSE 100 and DAX start to ease back after a rally into trendline resistance.

FTSE 100 consolidates after Friday’s surge

The FTSE 100 pushed into the key 7680 resistance level on Friday, signalling a potential wider breakout coming to play after a recent period of consolidation. This 7680 level of resistance is also joined by a wider descending trendline, and thus there are significant wider bullish consequences to a possible break higher from here.

We are seeing some weakness this morning, which highlights the possibility of a short-term pullback from this area of resistance. However, that would be deemed a short-term move unless we see a break below 7594. Given the existence of this long-term trendline, it makes sense to await a break through 7730 to really take on a more confidence bullish view for this index.

DAX turning lower from trendline resistance

The DAX has similarly surged into trendline resistance, pointing towards a possible pullback in the short term. Much like the FTSE, we would need to see a break below the 13,380 level to provide greater confidence of a more protracted pullback.

To the upside, we would need to see a break through trendline and 13,601 (all-time highs) to bring a more confident bullish outlook.

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