DAX

Dax recovered quickly after today’s dip to 11565, the lowest level in one week, but near-term price action remains directionless within 11600/1170 range, defined by daily 30 and 10 SMA’s respectively.
Near-term studies are neutral/bearish, while daily technicals remain bullishly aligned.
Bounce from 11534 (31 Jan low/bottom of pullback from 11893 peak) generated initial signal that correction might be over, but firm break above 11700 pivot (10SMA) is needed to confirm scenario.
On the other side, bearish RSI/MACD divergence on daily chart, maintains downside risk.
Sustained break below 11534/500 zone is needed to signal stronger correction of 10420/11893 upleg and open strong supports at 11400 (higher base) and 11330 (Fibo 38.2% of 10420/11893 upleg).

Res: 11700; 11756; 11808; 11854
Sup: 11598; 11565; 11534; 11500

FTSE100

Recovery from strong Fibo support at 7029 is picking up pace and broke today above 7126 (Fibo 38.2% of 7291/7024 downleg), on fresh extension of strong recovery on Thu/Fri.
Rally approaches the upper pivot at 7158 (daily Kijun-sen), break of which is needed to confirm reversal. Initial bullish signal is expected on daily close above 7126.
Strong support at 7083 (daily Tenkan-sen) is expected to hold dips and keep near-term bulls in play.

Res: 7142; 7158; 7189; 7228
Sup: 7126; 7083; 7061; 7024

DOW JONES

Dow regained psychological 20000 level on bounce from 19700 zone, where last week’s pullback from fresh record high at 20072 (posted on 27 Jan) found support. Very thick daily cloud (spanned between 18692 and 19648) continues to underpin the action, as the price probed above 5-week congestion, signaling fresh bullish phase. Break above 20072 peak would extend towards projected levels at 20209 and 20294 (Fibo 138.2% and 161.8% projection of rally from 19713 trough). Overbought weekly/monthly studies suggest correction, however, without firmer bearish signals so far. Sideways-moving daily Tenkan-sen offers solid support at 19893, ahead of daily Kijun-sen at 19841, loss of which would generate negative signal.

Res: 20072; 20100; 20209; 20294

Sup: 19963; 19893; 19841; 19800

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