FTSE 100, DAX and Dow rally towards crucial bullish breakout levels
FTSE 100, DAX, and Dow rally towards key resistance levels, with traders watching for a potential bullish breakout.
FTSE 100 turning lower from trendline resistance
The FTSE 100 managed to rebound into trendline resistance yesterday, with the index threatening to break out from the bearish pattern that has been in play over the past three weeks. However, that failure to overcome trendline and 7232 resistance points towards the potential to carry on that bearish theme.
A break below 7092 would bring greater confidence of another breakdown, while a rally through 7232 would provide a more bullish picture. Given the more advanced nature of DAX and Dow Jones rallies, the latter could become relevant before long.
DAX attempts to push through key resistance zone
The DAX has outperformed the FTSE 100, with yesterday’s gains taking us within striking distance of the 11,862 resistance level.
A break through that level would bring us into a much more positive outlook for the index. As such, today will be dominated by the ability or inability to break through 11,862.
Dow rising into key breakout level
The Dow Jones similarly pushed past all the Fibonacci resistance levels this week, with the index approaching the 26,426 resistance level.
A push past that level would negate the recent downtrend and point towards further gains to come. It makes sense to either follow intraday signals around 26,426 to trade a bearish reversal, or await a bullish breakout to bring long trading opportunities.
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