Daily Forecast - 15 February 2016
Dax March contract
Dax first resistance at 8980/85 today of course & we should struggle here again, but above 9000 meets strong resistance at 9040/50. Any shorts need stops above 9080 with a break higher to target 9120/25, perhaps as far as strong resistance at 9160/70 for a selling opportunity. Shorts need stops above 9200. A break above 9170 however targets 9220/25 then 9260, perhaps as far as a selling opportunity at 9320/30 this week.
Failure to beat first resistance at 8980/85 targets 8880/75. If we continue lower look for keeps 8840/30 & 8874/70. Obviously last week's low at 8700/8690 is important. A break below here this week however targets 8678, 8645/40& perhaps as far as 8530/20.
Eurostoxx March contract
EuroStoxx first resistance at 2755/60. A break above here today is more positive & targets 2780/85, perhaps as far as strong resistance at 2820/25 for a selling opportunity. Shorts need stops above 2835. However an unexpected break higher could then target a selling opportunity at 2870/75.
Failure to beat first resistance at 2755/60 targets 2735/30 then minor support at 2700/2695. Below here risks a retest of important 2670 lows. A break below 2660 this week however targets 2645 & 2610. Below look for 2590.
Ftse March contract
FTSE made it as far as our selling opportunity at 5685/89 on Friday & topped exactly here. However we did not pull back & this morning have opened above this level. So holding above 5700 targets first resistance at 5755/60. We should struggle here as we become overbought short term, but shorts need stops above 5780 with a break higher to target a selling opportunity at 5835/39. No further gains expected but shorts need stops above 5865.
First support at 5889/85 but below here risks a slide 5660 then support at minor support at 5640. If we continue lower look for better support at 5610/00.
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