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Dow Jones, DAX 30 & FTSE 100 Technical Forecasts for the Week Ahead

Dow Jones, DAX 30 & FTSE 100 Technical Forecasts for the Week Ahead

Peter Hanks, Strategist

Dow Jones, DAX 30, FTSE 100 Outlooks:

  • The Dow Jones retreated on Friday as the Industrial Average fell more than 1%
  • The DAX 30 remains trapped beneath a confluence of technical resistance around 13,600
  • Meanwhile, the FTSE 100 may have to employ secondary support if it is to stay afloat

Dow Jones Technical Forecast

Outlook: Bearish

The Dow Jones finds itself narrowly beneath all-time highs after a series of indecisive trading sessions were capped off with the Dow’s largest daily decline since early December last week. The risk averse attitude could spark a deeper reversal should it persist, but months of gains have created a series of support levels the DJIA can look to.

Dow Jones Price Chart: Daily Time Frame (March 2018 – January 2020) (Chart 1)

Dow Jones Daily Price Chart

Day Trading the Dow Jones: Strategies, Tips & Trading Signals

To that end, one of the more important areas to watch exists along the ascending trendline from December 2018. Offering support at various times throughout 2019, the line currently resides above the 28,000 level and will likely look to stall a continuation lower should bearishness continue. Coupled with the index’s January swing-low around 28,270, the area may prove crucial in staving off a larger move.

DAX 30 Technical Forecast

Outlook: Neutral

Unlike the Dow Jones which has very little resistance to contend with, the DAX 30 is entering its third week of negotiations with a series of topside barriers. Scattered from 13,530 to 13,600, the levels have converged to form a formidable opponent for bulls. Still, persistent probing is an encouraging sign for an eventual continuation higher.

DAX 30 Price Chart: 4 – Hour Time Frame (November 2019 – January 2020) (Chart 2)

Dax 30 4-hr Price Chart

How to Trade Dax 30: Trading Strategies and Tips

With that being said, the DAX 30 is not immune from risk aversion elsewhere, so it may have to utilize support before it can break out higher. The index’s peak on January 13 at 13,460 may provide an early area of buoyancy, followed by the horizontal band that kept the DAX contained in November around 13,300. In the meantime, follow @PeterHanksFX for updates and insights.

FTSE 100 Technical Forecast

Outlook: Bullish

Shifting focus to the FTSE 100, weeks of indecisive price action has left the index stranded between support and resistance at 7,440 and 7,730 respectively. In addition to the support around 7,440, the FTSE 100 will look to employ the 50-day simple moving average – which helped to buoy price last Thursday – for assistance in the shorter term. Despite the recent indecision, the series of higher lows dating back to August is an encouraging sign in pursuit of a continuation higher.

FTSE 100 Price Chart: 4 – Hour Time Frame (October 2019 – January 2020) (Chart 3)

FTSE 100 Price Chart: 4-hr time frame

With that in mind, the FTSE 100 will look to crack resistance at 7,730 to post a higher-high beyond that of the July peak. A break above this area would effectively open the door higher, although a shorter-term retracement may develop if risk aversion from Friday persists into the week ahead.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Read more: 3 Things to Know When Trading Earnings Announcements

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