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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

The indices begin to drift lower, with a breakout required to highlight whether we are in a sideways phase or going to see losses to close out the week.

anonymous

Publication date : 2017-07-14T09:10:28+0100

US trader
Source: Bloomberg

FTSE challenging double top neckline

The FTSE is selling off this morning, with the price back at the crucial 7404 support level. The ability to post an hourly close below that level will determine the outlook for the day.

 A failure to do so would point towards a period of sideways consolidation, with 7431 and 7441 the near-term resistance levels to watch.

FTSE chart

FTSE chart

FTSE chart

DAX heading back towards key support level

The DAX is also seeing some weakness in early trade, with the price heading back into the 12,614 support level. The break and hourly close below there would point towards a potential move back to the 12,541 support level.

Until we see that break below 12,614, we also have the possibility of a sideways consolidation. Ultimately for the recent gains to look like they will have a knock-on effect for the longer outlook, we would need to see a break through 12,735.

DAX chart

DAX chart
DAX chart

Dow begins to weaken after failed attempt at new highs

The Dow Jones is drifting lower following an attempt to break through to a new high overnight. We now find ourselves trading within a symmetrical triangle formation, where an hourly close above 21,583 (bullish) or below 21,510 (bearish) will determine the short-term outlook.

We look likely to return higher once more before long, yet given the sharp rally seen earlier in the week, we could see some form of retracement lower in the event that we break below 21,510 support.

Dow Jones chart

Dow Jones chart
Dow Jones 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.

IG provides execution only services and enters into principal to principal transactions with its clients on IG’s prices. Such trades are not on exchange. IG Markets South Africa Limited is an authorised financial services provider (FSP No 41393). Whilst IG Markets South Africa Limited is a regulated FSP, CFDs issued by IG are not regulated by the FAIS Act as they are undertaken on a principal-to-principal basis.

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