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Levels to watch: FTSE 100, DAX and Dow

Weakness across the FTSE 100, DAX and Dow raises the possibility of a pullback following recent gains.

IG Analyst

Publication date : 2018-07-19T09:20:06+0100

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FTSE 100 showing signs of potential short-term weakness

The FTSE 100 has been struggling to break through the 76.4% retracement since initially looking like it was going to break towards the top of the range (7706).

This could still happen, yet with the price slowing in its ascent, there’s also a risk of a bearish move if we see an hourly close below the 7648 mark. A break above 7687 would signal a continuation of this upside, with trendline resistance and the range top up ahead.

FTSE 100 price chart

FTSE 100 price chart

FTSE 100 price chart

DAX pulling back amid recent ascent

The DAX has been weakening at the start of the day, in what could be the beginning of a pullback.

The index would likely begin to retrace some of the strong gains seen on Tuesday in the event that we see an hourly close below 12,702 support. Until then, the short-term uptrend remains intact.

DAX price chart

DAX price chart

DAX price chart

Dow falls towards notable near-term swing low

The Dow Jones is also turning lower, with the creation of higher lows coming into question with a possible break below 25,098.

Should that occur, we would be looking for a period of near-term weakness to come into play. But until we see that break below 25,098, a bullish reversal is still a possibility.

Dow Jones price chart

Dow Jones price chart

Dow Jones price chart

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