FTSE and DAX Ratio Table 24th August 2017
The environment was not so benign for the FTSE yesterday but it still showed a very interesting degree of resilience.
Having got above the key level of 7350 and back into its zone it could easily have given some or even all of it back with no support coming from the US, but it didn’t and more than that it didn’t even test the bottom boundary.
This is all very good but if the bulls were that adamant they also had an opportunity to go up, which they singularly failed to do, in stark contrast to the DAX, so happy to be in neutral it seems.
Range: 7350 to 7450
The DAX yesterday morning certainly tried to take advantage of the strength on Tuesday from the US.
Very early on it raced ahead to 12269 taking on its NZ’s upper boundary at 12250 and it obviously wasn’t expecting any resistance judging by how it acted.
It drifted for the rest of the day but an hour before the close it hit its bottom boundary at 12150, getting as low as 12155, and as obviously relished the support it found there.
So unlike London here at least they tried and have managed a NZ bandwidth test at the end of the day so expect a breakout today.
Range: 12150 to 12250
Type: On balance bearish