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FTSE 100, DAX and Dow expected to rise despite recent declines

FTSE 100, DAX and Dow declines look like a buying opportunity, with the resurgence beginning to take shape.

FTSE 100 consolidation likely to bring further upside

The FTSE 100 has been consolidating through much of this week, with the index seemingly pausing before we see another leg higher.

That next bullish move looks like it could be taking shape given the recent creation of higher highs and lows. Watch for whether we can break through trendline resistance for now, with a rally through that line providing greater confidence of the next leg higher. Only with a break below 7315 would this recent downside look like the beginning of a wider period of weakness.

DAX turning higher after recent retracement

The DAX looks similarly bullish over the course of June, with the creation of higher highs and higher lows in place unless we see a break through the 11,986 swing low.

The downside seen through the course of the week was always likely to be a retracement before we turn higher. That bullish move appears to be occurring, with today’s break through 12,319 bringing further confidence of a DAX resurgence.

Dow drifts lower, yet rebound looks likely

The Dow Jones has also lost ground over recent trading days, with the index seemingly trading within a falling wedge formation.

A break through the 26,689 level would bring confidence of the next move higher for the index, with a decline below 26,414 required to negate this bullish outlook.

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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