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  • The Hang Seng Index #HSI appears to face an immediate resistance at 29,870 (127.2% Fibonacci extension). Prices surged more than 3% before pulling back slightly in the afternoon trading session. Stock connections registered over HK$ 20 billion net southbound flow today. https://t.co/3J5JNIVopi
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 66.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KdbuJBLZMr
DAX 30, CAC 40, FTSE 100 Outlook Could Quickly Turn South

DAX 30, CAC 40, FTSE 100 Outlook Could Quickly Turn South

Paul Robinson, Strategist

Indices Highlights:

  • DAX 30 still building ascending wedge pattern
  • CAC 40 treading on trend-line, could break down soon
  • FTSE 100 starting to roll over, could test low soon

DAX 30 still building ascending wedge pattern

The DAX continues to hold up, but is also working on a potentially bearish ascending wedge formation. It’s been the strongest of the major European averages, so if it starts to roll over the others may do-s0 at a faster rate (looking at you, CAC 40).

The ascending wedge pattern won’t fully trigger until it develops a bit more and price crosses the rising underside trend-line. A breakdown would have recent gaps in mind to be filled; 10069 and 9527 would be the first up.

But for now, as long as the DAX stays above the lower trend-line then the trend still remains pointed upward in the near-term, and could still bring gap-fills over 11k into play on further strength. A resolution one way or another appears to be nearing.

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DAX Daily Chart (ascending wedge forming)

DAX daily chart

DAX Chart by TradingView

CAC 40 treading on trend-line, could break down soon

The CAC is running weaker than the DAX right now, having still yet been able to climb above the March high. With that in mind, should global markets come under pressure here soon, the CAC is likely to break at a faster rate than other indices. A break of the rising trend-line off last month’s low will have 4143 quickly into focus, but a retest of the capitulation lows at 3632 could very well be in order.

CAC 40 Daily Chart (teetering on trend-line break)

CAC daily chart

CAC Chart by TradingView

FTSE 100 starting to roll over, could test low soon

The FTSE 100 has broken the trend-line rising up from last month, and on that it is positioned even weaker than the CAC. The 5351 swing-low may be next up, but a retest of the 4898 low may soon be in order. It is possible a higher-low forms here, still, but price needs to turn higher soon else run the risk of seeing the FTSE sell off.

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FTSE 100 Daily Chart (at risk of retest soon)

FTSE 100 daily chart

FTSE 100 Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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