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FTSE 100, DAX 40 and CAC 40 try to stabilize following last week’s sharp losses

FTSE 100, DAX 40 and CAC 40 try to stabilize following last week’s sharp losses

Axel Rudolph, IG Senior Market Analyst

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FTSE 100, DAX 40, CAC 40, Analysis and Charts

​​​FTSE 100 tries to regain Friday’s losses

​The FTSE 100 is once more trying to regain some of last week’s losses when its European peers were dragging it down amid their election turmoil sell-off. The UK blue chip index is once more trading back above its 55-day simple moving average (SMA) at 8,173 with Thursday’s high at 8,220 being back in sight.

​A fall through Friday’s low at 8,112 would put the 8,095 to 8,017 early and mid-April highs and late May low on the map.

​For the bulls to regain control, a rise above Tuesday’s high at 8,266 would need to occur.

FTSE 100 Daily Chart​

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​DAX 40 hovers above Friday’s six-week low

​The DAX 40 is trying to hold above Friday’s sharp-sell off low at 17,950 which was triggered by a move out of European equities following a significant shift to the right in European elections and the announcement of French snap legislative elections. ​Friday’s low was close to the 61.8% Fibonacci retracement of the April-to-May advance at 17,988 at 17,950, above which the index is trying to remain on Monday. ​If fallen through, the mid-March low at 17,865 might be eyed next.

​Resistance sits at the 50% retracement at 18,170, followed by the late April high at 18,240.

DAX 40 Daily Chart

Germany 40 Bearish
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Change in Longs Shorts OI
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​CAC 40 tries to recover from its 4 ½ month low

​Last week the French CAC 40 index dropped by over 5% in a week, to 7,464 amid huge outflows in the wake of its upcoming snap legislative elections, announced last Sunday by President Emmanuel Macro due to far-right parties receiving more votes than his party in the European elections.

​The 200-day simple moving average (SMA) at 7,619 is short-term being targeted but is likely to act as resistance. Above it lies the 7,704 late January high.

​Were a fall through 7,464 to unfold, the December peak at 7,653 may offer support. If not, a drop toward the 7,281 January trough may ensue.

CAC 40 Daily Chart

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