FTSE 100, DAX and Dow turning higher once more
FTSE 100, DAX and Dow start to regain ground after a brief period of downside.
FTSE 100 falls back towards key support
The FTSE 100 failed to maintain its initial gains yesterday, with the index faltering at the 61.8% Fibonacci resistance level.
While the price started turning back towards that initial low of 5895 overnight, we are seeing some stability come into play as the European markets open. The recent uptrend does remain intact, and it makes sense to expect further upside unless we see the price break below 5895 support.
DAX starts to stabilise after recent pullback
The DAX has also started to consolidate after yesterday's declines, with the price failing to break below yesterday's low of 10,739 despite overnight losses.
With the index starting to build some momentum, a rise through the 10,903 level would bring greater confidence that we will see a continuation of the gains seen in early May.
Dow Jones wedge points towards further upside
The Dow losses seen overnight look to have formed a falling wedge pattern, with the price starting to rebuild momentum as the stochastic declines into oversold territory.
Despite ongoing worries that the reopening of economies will ultimately prove how restricted we will be by this virus, we are yet to see the sentiment really take a bearish shift. With that in mind, further upside looks likely for now, where a break through the 24,366 level brings about greater confidence of a bullish move.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Take a position on indices
Deal on the world’s major stock indices today.
- Trade the lowest Wall Street spreads on the market
- 1-point spread on the FTSE 100 and Germany 40
- The only provider to offer 24-hour pricing
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
