FTSE 100, DAX 30 Technical Forecast For The Week Ahead
FTSE 100, DAX Analysis and News
FTSE 100 | Short-Term Pullback, Long Term Positive
The FTSE 100 has extended its pullback from trendline resistance (stemming from the 2009 low) with the index shedding 0.6% for the week. In turn, with momentum signals heading lower, support at 6630 (61.8% Fibonacci retracement) will be closely watched, with a failure to hold opening up a move to 6500. However, as the index trades above 6300, the outlook remains positive.
FTSE 100 Price Chart: Daily Time Frame
DAX | Narrow Range Raises Breakout Risk
The DAX has struggled for direction in recent weeks with the index caught between its record peak and 13600. That said, the index appears to be coiling for a breakout as its trading range becomes increasingly narrow. Despite the seemingly worsening short-term outlook, the DAX has managed to stay afloat, however, as the supply of vaccines become disrupted with AstraZeneca highlighting as such, there is a risk of a shakeout of long positioning in the index. As such, a breakout on the downside risks an extension towards 13400 and 13000 below.
DAX Price Chart: Hourly Time Frame
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