FTSE 100, DAX 40 and NASDAQ 100 rally on Middle East de-escalation hopes
FTSE 100, DAX 40 and NASDAQ 100 rally on Middle East de-escalation hopes as Israel refrains from attacking Iran oil and nuclear facilities.
FTSE 100 continues to rage trade
The FTSE 100 has come off its 1 ½ month mid-October high at 8,397, made close to the early and late August peaks at 8,404-to-8,419, and last week slid to 8,222 before finding support.
On Monday a relief rally due to Israel attacking Iran’s military infrastructure and not crude oil or nuclear facilities over the weekend took the index back towards its 55-day simple moving average (SMA) at 8,287. While Thursday’s high at 8,340 isn’t overcome, short-term downside pressure should prevail.
A fall through last week’s low at 8,222 would put the September and current October lows at 8,196-to-8,153 back on the map.
DAX 40 rises amid Middle East de-escalation hopes
On Monday morning, the DAX 40 index revisited Thursday’s high at 19,558 following a bullish break out of Friday’s inside day pattern amid possible de-escalation in the Middle east. The 15 October high at 19,638 is thus back in view and potentially this year’s record high at 19,683 as well.
While last week’s low at 19,301 underpins, the medium-term uptrend remains intact. A fall through 19,301 would most likely put the August and mid-September highs at 19,048-to-18,994 back on the cards, though.
NASDAQ 100 heads towards July record high
The NASDAQ 100's drop to last week’s low at 19,928 has swiftly been followed by a rise to last week’s 20,566 3 ½ month high. This remains in sight on Monday with a rise above it putting the July peak at 20,760 back on the cards.
Immediate support can be spotted around the 20,499 mid-October high and then around the September peak at 20,316.
While last week’s low at 19,928 underpins, the medium-term uptrend will stay intact.
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