DAX, FTSE 100 Analysis and News
DAX | Support Keeps Uptrend Intact
The DAX has maintained a foothold above the 200DMA (12090), which in turn keeps the uptrend intact. On the topside, near-term resistance resides at 12447 (76.4% Fibonacci retracement), whereby a break above opens to door to a run-up towards 12950-13000. While the 200DMA provides support for the DAX, failure to hold leaves the index vulnerable to a pullback towards 11600.
| Change in | Longs | Shorts | OI |
| Daily | -9% | 7% | 2% |
| Weekly | -27% | 9% | -5% |
DAX 30 Price Chart: Daily Time Frame
Source: IG Charts
FTSE 100 | Pivotal Resistance In Focus
The FTSE 100 remains in consolidation mode with the index anchored around the 50% Fibonacci retracement of the Q1 sell-off. However, while the index holds 6000, risks are tilted to the upside with a focus on the pivotal 6500 level. A break above could see the index extend further towards the 200DMA. On the downside, key support is situated at 5890, which marks the 38.2% Fibonacci retracement.
| Change in | Longs | Shorts | OI |
| Daily | -30% | 25% | 2% |
| Weekly | -44% | 44% | 0% |
FTSE 100 Price Chart: Daily Time Frame
Source: IG Charts
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--- Written by Justin McQueen, Market Analyst
Follow Justin on Twitter @JMcQueenFX
