FTSE 100, DAX and Dow all begin to move higher
Major indices look to be moving higher, as buyers return to revive the equity rally.
FTSE 100 rallies from trendline support
The FTSE 100 continues to rally from the Sunday night low, with the bounce from trendline support firmly intact.
All eyes are on 7450, as a push above here would breach the previous lower high on the hourly chart. A higher low is now in place on the daily chart, maintaining the bullish impression. A reversal back below 7230 is needed to bolster the idea that more losses towards 7100 or 7000 are likely.
DAX bounces from support
The rebound continues for the DAX as well, with horizontal support at 12,950 coming into play. While daily stochastics and MACD have yet to give bullish crossovers, this seems likely to occur unless the price reverses back below 12,900.
Meanwhile, the price has moved through 13,150, identified yesterday as trendline resistance, although it must still move above 13,280 to clear the previous lower high.
Dow starts its next leg higher
A brief trip below the 50-day simple moving average (SMA) at 28,499 has come to an end for the Dow Jones, and the price is now rebounding, having found support around 28,200 for the second time in a month.
Further gains target the last all-time high at 29,410, although on the hourly chart the price still has to clear the 31 January lower high at 28,900. The more bullish view would be negated with a move back below 28,200.
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