FTSE 100, DAX and Dow rebound after recent declines
FTSE 100, DAX and Dow rebound, yet will this bring about an all out resurgence?
FTSE 100 consolidates after decline into key support
The FTSE 100 managed to rebound from the 7525 support level yesterday, with the index rising towards the 7636 swing high from Thursday.
The key here is when we see a break through either support or resistance. To the upside we have trendline resistance, which means we need to see a break through 7680 to bring about a bullish continuation signal. Alternatively, look out for a break below the 7525 to bring about a bearish phase to continue the wider symmetrical triangle formation.
DAX on the rise after sharp decline
The DAX has been on the rise since yesterday's decline towards (provisional) trendline support.
This rise looks to continue the consolidation phase seen through November or December. Thus, the short-term picture does point towards further upside, with the next notable resistance levels coming in at 13,339 and 13,375.
Dow rebounds from trendline support
The Dow Jones has also been on the rise from trendline support, with the price rising into the 28,731 resistance level from 27 December.
The recent pullback provided a deep retracement, yet the failure to decline below 28,367 signals that the uptrend remains in play. With that in mind, there is a good chance we will continue to move higher from here, with a rise through this current resistance level pointing towards further upside for the day.
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