Third straight day of record gains for DAX 40, third week for FTSE 100 as CAC 40 levels out
Third straight day of record gains for DAX 40, third week for FTSE 100 as CAC 40 levels out despite French political turmoil.
FTSE 100 trades in six-week highs
The FTSE 100 has risen to a six-week high, close to its 8397 October peak which remains in sight. Slightly above it the early and late August peaks can be spotted at 8404 - 8419. If overcome, the 8500 mark would be in sight.
Minor support can now be found between the late October and last week’s 8326 - 8319 highs. While the last reaction lows on the daily chart down to 8237 underpin, the short-term uptrend remains intact.
DAX 40 hits new record high for third day in a row
The German DAX 40’s break through its October to November downtrend line at 19,428 has led to a swift near 4% rally in the past four days with the 20,200 mark representing the next upside target.
Minor support can now be found around the psychological 20,000 mark ahead of the October peak at 19,683.
CAC 40 bounces off critical support
The CAC 40 has seen five consecutive days of mild gains despite France’s political crisis with the index slicing through its November to December downtrend line and rising towards its 25 November peak at 7338.
Were this level to be exceeded, a minor bottom may be formed with the 55-day simple moving average (SMA) at 7433 representing a possible upside target.
Significant support remains to be seen at the November to December lows at 7158 - 7091. Were it to give way, the August low at 7028 and the psychological 7000 mark would be back in the frame.
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