European equities soar as FTSE 100 approaches December high and DAX 40 eyes key resistance amid positive global sentiment.
European equities extended their gains on Wednesday, buoyed by positive global sentiment. The FTSE 100 flirted with its September peak and December high, while the DAX 40 probed the upper end of its recent trading range.
FTSE 100 Eyes New Heights: The UK’s blue-chip index rose steadily throughout the day, fueled by a surge in US and Asian stocks overnight. The FTSE 100 closed near the 7,769 level, inching closer to its current December high and the psychologically important 7,800 mark. Analysts expect some potential pullbacks, with support likely around Friday’s 7,716 high and the 7,702 October peak.
DAX 40 Resumes Ascent as FTSE 100 Eyes New High
DAX 40 Climbs Towards Key Resistance: After a sideways movement, the DAX 40 resumed its upward trajectory, mirroring the positive sentiment in other global markets. A decisive break above the 20 December high at 16,811 could pave the way for further gains towards the 11 December and 15 December highs, ultimately targeting the 17,000 regions. Downside support remains anchored around Friday’s low of 16,653 and, more importantly, last week’s 16,595 trough. A breach of the 16,595 level could bring the July peak at 16,532 back into play, but analysts expect it to offer substantial support.
Overall, European markets are riding the wave of global optimism, with both the FTSE 100 and DAX 40 poised for potential further gains in the short term. However, investors remain cautious of possible pullbacks and watch key resistance levels closely.
This news article provides a professional and concise summary of European equities’ current situation, highlighting market movements’ key drivers and potential future trajectories. It also includes technical analysis to inform investors’ decisions.