FTSE 100, DAX and Dow regain ground from key support
FTSE 100, DAX and Dow attempt to build bullish momentum, following a period of downside for stocks.
FTSE 100 attempts to build a base, as another sell-off fails
The FTSE 100 declines seen yesterday have once again held up around trendline support, with the index starting to regain ground this morning.
Given the sharp declines we have seen throughout the last week, there is a chance we are attempting to build a base following a period of downside that has taken the price back towards the 76.4% Fibonacci support level of 6072. With the price attempting to break through the 6130 resistance level, a rise through that swing high will be key in determining whether we continue to move higher from here. Ultimately, we will need to see a break through either 6164 or 6080 to signal the end of this consolidation phase.
DAX turning higher from Fibonacci support once again
The DAX is starting to regain ground from the 61.8% Fibonacci retracement support level at 12,750 this morning. This area of support has stifled any downside momentum over recent trading days, and it is looking to do something similar today as the DAX starts to turn higher.
However, we have key levels up ahead that need to break if we are to see the index really gather momentum. As such, it is worthwhile noting that bullish momentum starts building on a break through levels such as 128,24 and 12,851. However, a break back below the recent low of 12,744 would signal the potential for further downside.
Dow starts to regain ground after respecting trendline support
The Dow Jones has turned higher from a descending trendline this morning, with the 50% retracement of the rally from 25,417 also coming into play.
This points towards a potential period of upside starting to emerge, with a rise through the 26,443 level building a case for a short-term period of upside. However, beyond the resistance level, we would need to see the 26,703 level broken to negate the recent trend of lower highs.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
