Levels to watch: FTSE 100, DAX and Dow

Stock markets are moving higher in early trading, with the DAX in strong form ahead of the ECB meeting.

FTSE 100 builds on earlier gains

For the moment it still looks like the buyers are in control, having lifted the FTSE 100 off the lows down towards 7200 over the past week.

Fresh gains above Wednesday’s high of 7325, and above the 7340 high from the end of February, would suggest that a broader rally is underway. A reversal and close below 7200 reinvigorates the bearish view and suggests a push towards 7130.

Bulls take charge in DAX

Despite an indecisive day yesterday the buyers remain in charge, pushing the DAX back towards 12,100.

A close above here would provide fresh bullish momentum in a move towards 12,400. A close back below Tuesday’s low of 11,862 would be needed to restart the bearish move of late August and early September.

Dow turns higher again

Having found support earlier in the week at the 25,823 high from February, the price for Dow Jones has begun to push higher.

Wednesday saw 26,150 tested, the high from late August, and a close above here suggests a bigger move towards the all-time high of 26,705. A close below 25,823 is needed to suggest a more bearish view.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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