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​​​​FTSE 100, Dax and Dow Losses Stemmed for Now​​​​

​​​​FTSE 100, Dax and Dow Losses Stemmed for Now​​​​

IG, Analyst


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Article by IG Chief Market Analyst Chris Beauchamp

FTSE 100, DAX 40, Dow Jones, Prices and Analysis

FTSE 100 tries to hold around 50-day MA

​After Thursday’s drop, the index saw an attempt at a recovery on Friday.​Modest gains so far this morning have helped to stabilize the picture and could see additional upside towards 7700. A close above 7700 would add to the bullish view and provide the possibility of a more sustained rally towards 7800.

​Sellers will want to see a drop back below 7500 to negate this view and begin a possible retracement towards 7400 or lower.

FTSE 100 Daily Chart​

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DAX 40 losses stabilise

​Last week’s drop from the highs seems to have stabilised around the 100-day SMA. ​Additional losses target the 15,700 support zone, and then on to the July low at 15,500. Below this lies the rising 200-day SMA at 15,306.

​A recovery above 16,000 might begin to suggest a new move higher has begun, targeting 16,300 and then the highs of late July at 16,500.

DAX 40 Daily Chart

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Dow Jones moves higher after Friday’s low

​Friday saw the price hit a two-week low, though it is attempting to recover in early trading this morning.​In the event of more losses, the December high at 34,942 comes into view, followed up by the 34,500 level that acted as resistance in June and July.

​A recovery above 35,540 would be needed to suggest that a short-term low has formed.

Dow Jones Daily Chart

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