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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

Further downside looks likely for the indices, yet this could soon provide a buying opportunity.

anonymous

Publication date : 2017-07-19T09:04:36+0100

Data chart
Source: Bloomberg

FTSE turning lower within range

The FTSE is turning lower once more this morning, coming off the back of a rally in towards the top end of a near week-long range for the indice. The inability to break through 7420 highlights the continued creation of lower highs at the top end of this consolidation, with the lows flat lining around 7361.

An hourly close below 7397 would point towards a potential move back to the bottom threshold of this range. We need a break outside the 7431-7361 zone to highlight the possibility for a move out of this range.

FTSE chart

FTSE chart

FTSE chart

DAX breaking lower after retracement

The DAX is turning lower following a period of tightening upside overnight. That shrinking volatility looks set to give way to a sharp move lower, in a continuation of yesterday’s strong downside surge.

A break below 12,434 should give us further confidence that we are set for another leg lower here. Ultimately, we look like we should still have a significant amount of downside to come, with a break up through 12,678 required to negate the bearish view.

DAX chart

DAX chart
DAX chart

Dow weakness provides buying opportunity

The Dow Jones managed to break below the near-term support level of 21,524, bringing about the likely situation of a wider retracement for the index. Yesterday brought a move into the 50% pullback.

However, any further downside into the 61.8% or 76.4% retracements would look like buying opportunities. This bullish view remains unless we break below 21,278.

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.

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