FTSE 100, DAX and Dow rallying towards key resistance
The FTSE 100, DAX and Dow have all continued to push higher after recent consolidation.
FTSE 100 pushing towards key resistance level
The FTSE 100 continues to gain ground following a week where the price managed to rise through the 76.4% Fibonacci retracement level to bring about a potential bullish reversal.
A break through the 7338 swing high would serve to raise confidence that this current upside is set to continue. Should that occur, we would be looking at a significant period of upside throughout much of the week.
DAX rallies from support once more
The DAX yet again held up at the 13,142 support level yesterday, with the price failing to bring the bearish signal that would come with such a break.
Instead we have seen the recent range continue, with the price moving back towards resistance around 13,277. Ultimately, we do still remain within the range that has been playing out over much of November thus far. With that in mind, we would need to see a break through the 13,303 region to bring about a new bullish breakout signal.
Dow rallies back into prior record highs
Declines in the Dow Jones proved short-lived, with the index rallying back into the crucial 28,089 resistance level this morning.
That resistance level represents the record high, with a break through this level providing a continuation signal for the ongoing uptrend. As such, the bullish trend remains in play, where the reaction to this resistance point will provide us with an idea of how the short-term picture will play out.
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