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Levels to watch: FTSE 100, DAX and Dow

Indices are gaining ground, with the Dow and DAX leading the way higher. With the FTSE 100 gaining ground, is there a chance we will see it break from the recent range?

FTSE 100 rises towards range top once again

The FTSE 100 is rising towards the top end of its range once again, with the index having respected the 200-simple moving average (SMA), 4 hour, on a number of occasions.

With a resistance zone between the 7706 level and an ascending trendline, there is a good chance we could turn lower yet again before long. That being said, with the index failing to return to the bottom of the range, there is a growing chance that we could see a bullish breakout before long. Until that happens, this range remains relevant.

DAX breaks through 61.8% retracement

The DAX has managed to rally through the 61.8% Fibonacci resistance level, pointing towards a move into the 76.4% level at 12,930 before long.

We are seeing some hesitation this morning, yet further upside seems likely before long.

Dow pushing higher after shallow consolidation

The Dow Jones has set yet another shallow retracement overnight, with the index heading higher yet again.

This looks to mimic what we saw yesterday, with a sharp move higher continuing the bullish theme. As such, further gains seem likely from here, with a fall back below the 25,493 mark needed to negate this trend in the short term. 

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