Technical Outlook: FTSE 100, DAX 40, CAC 40

• FTSE 100 tries to regain Thursday’s losses
• DAX 40 hovers above Thursday’s five-week low
• CAC 40 drops to new four-month low in the wake of French snap election
• Major Indices trend lower but how is price action shaping up within the context of the three main market conditions? Acquire a deep understanding below:

FTSE 100 tries to regain Thursday’s losses

The FTSE 100 is once more trying to regain its previous day’s losses when it was being dragged down by its European peers amid their election turmoil sell-off.

The UK blue chip index is trading back above its 55-day simple moving average (SMA) at 8,170 with Thursday’s high at 8,220 being in focus.

A fall through Thursday’s low at 8,146 would put the 8,138 to 8,115 late May and current June lows back on the cards.

For the bulls to be back in control a rise above Tuesday’s high at 8,266 would need to occur.

FTSE 100 Daily Chart

Source, IG, ProRealTime, produced by Axel Rudolph

DAX 40 hovers above Thursday’s five-week low

The DAX 40 is trying to hold above Thursday’s sharp-sell off low at 18,278 which was made as investors continue to exit this market in the wake of a shift to the far right in Sunday’s European elections.

The 55-day simple moving average (SMA) at 18,347 is being revisited, above which lies a minor resistance area at 18,361 to 18,379.

Failure at Thursday’s 18,230 low could lead to a slide towards the 18,000 mark unfolding.

DAX 40 Daily Chart

Source, IG, ProRealTime, produced by Axel Rudolph

CAC 40 drops to new four-month low in the wake of French snap election

The French CAC 40 index continues to see huge outflows in the wake of its upcoming snap legislative elections, announced on Sunday by President Emmanuel Macro due to far right parties receiving more votes than his party in the European elections.

The CAC 40 so far tumbled to 7,692, below which meanders the 200-day simple moving average (SMA) at 7,619.

Minor resistance can be seen at Tuesday’s 7,759 low and more significant resistance at the 7,852 mid-April low.

CAC 40 Daily Chart

Source, IG, ProRealTime, produced by Axel Rudolph