FTSE100

Near-term price action is holding between 7129 and 7079 (Fibo 38.2% and 50% retracement of 6867/7291 rally), as double-Doji signaled indecision bear-leg from 7291 peak.

The price is hovering around daily Kijun-sen (7104), above which close of past two days occurred, marking it as significant support.

Daily indicators are heading south and weeklies emerged from overbought territory that keeps the downside under pressure.

Extended consolidation is likely to precede fresh weakness that may extend towards targets at 7029 /7000 (Fibo 61.8%/psychological support).

Meantime, stronger upticks should stay capped under daily Tenkan-sen (7178) to keep negative scenario in play.

Firm break above here would signal reversal.

Res: 7129; 7152; 7178; 7205
Sup: 7079; 7066; 7029; 7000

DAX

Fresh acceleration higher signals eventual break above three-week congestion and resumption of bull-leg from 02 Dec trough at 10399.
Bulls are looking for extension towards initial target at 11804 (20 July 2016 high), with extension towards 11926 (26 May 2016 high) on break.
Technicals remain firmly bullish and support scenario, with corrective pullbacks on overbought conditions expected.
Former range top at 11691, marks immediate support, followed by converged daily Tenkan-sen / Kijun-sen lines that underpin fresh advance (currently at 11590) and should contain corrective dips.
Key downside supports and pivots lay at 11490 and 11400.

Res: 11757; 11804; 11926; 12000
Sup: 11691; 11643; 11590; 11490

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