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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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Levels to watch: FTSE, DAX and Dow

Recent weakness for stocks appears to be waning, with the FTSE and Dow in particular showing signs of strength.

anonymous

Publication date : 2017-01-05T09:15:29+0000

Data board
Source: Bloomberg

FTSE 100 hits another Fibonacci on its grind higher

The FTSE has been pushing higher from the 76.4% (7171) Fibonacci retracement this week, with price pulling back once more to hit another 76.4% (7174) this morning. The fact we did not break below 7160 points toward a likely move back into the previous highs of 7205.

As such, a bullish outlook is in place, with a move back above 7200 and 7205 likely to be around the corner. A break below 7166 would serve as a warning sign that we could see some short-term weakness for the index.

FTSE 100 price chart

FTSE 100 price chart

FTSE 100 price chart

DAX attempting to regain ground

The DAX has seen sharp losses this morning, with the current candle showing an attempt to regain some of that ground. Until we see a break back above 11,597, the downtrend remains intact.

That said, the resolution to this current pattern is expected to be bullish with a move back towards 11,646 likely rather than a break below 11,401. This would be required to negate the wider bullish trend. 

DAX price chart

DAX price chart

DAX price chart

Dow pullback unlikely to last

The Dow Jones has managed to break through 19,938 resistance overnight, bringing a bullish outlook to proceedings. With price forming an ascending channel this morning, we are likely to resolve to the upside.

As such, a bullish signal comes from either a break through 19,934 or else a pullback to the 19,891-19,903 zone. A move back below 19,872 would negate this short-term view.

Dow Jones price chart

Dow Jones price chart

Dow Jones price chart

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in order to utilise their foreign investment allowance should the South African resident wish to open an offshore account with IG Markets Limited.

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