FTSE 100, DAX and Dow all look to push higher
Indices have continued to move higher, and are attempting to shrug off some overnight weakness in the wake of some poor Chinese data.
FTSE 100 still climbing
The FTSE 100 returned to the 6300 level yesterday, as it continues its rebound from last Friday’s low. The price is now firmly inside the zone of resistance that has been a barrier to any further upside since the middle of June.
While the price has pulled back from Wednesday’s high, it looks like it will create a higher low and push through 6300, targeting 6500 in the first instance. The bullish view remains in place unless we see a drop back below 6170.
DAX rally refuses to stop
From Tuesday’s low the DAX has gained around 300 points, and having edged back overnight towards the rising 50-hour simple moving average (SMA) of 12,810, the price looks poised to keep pushing higher.
A move above 13,000 seems likely, which leaves the price clear to challenge 13,600 in due course. Those hoping for a reversal have been disappointed yet again, with no sign of any near-term lower highs or lower lows.
Dow prepares to move higher again
Since last Friday we have seen two big moves higher for the Dow Jones, followed by swift pullbacks that create higher lows.
Overnight weakness has taken the index back towards the rising 50-hour SMA (26,695), but the index could see deeper losses towards 26,400 and still establish a higher low.
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