Daily Forecast - 17 February 2016

Eurostoxx March contract

Eurostoxx

EuroStoxx holding above 2820/25 keeps the outlook positive for today to re-target 2855 & quite strong resistance at 2865/70. A break above 2875 however keeps the short term outlook positive to target 2895 & resistance at 2910/13 but look for an excellent selling opportunity at 2925/29.

First support at 2825/20 but below 2815 risks a slide to support at 2790/86. If we continue lower look for the gap to fill at 2764/61 which could hold the downside. H further losses target only minor support at 2745/41.


Ftse March contract

Ftse

FTSE has beaten 5832/39 over night & hit the next target of 5890/95. We topped almost exactly here at 5900 as I write but further gains target strong resistance at 5943/48. A good chance of a high for the day but shorts need stops above 5970. Just be aware that a break higher targets 6020/30.

5835/30 is now first support & is key to direction. Failure to hold above here is more negative & risks a slide to 5795/91. Below 5780 adds pressure to target minor support at 5764/60 then better support at 5728/25.


Dax March contract

Dax

Dax did manage a bounce almost as far as 9200. So this is our first challenge again today. If we continue higher look for resistance at 9260/70 & the main challenge for bulls today. Shorts need stops above 9300. A break higher however is a buy signal & sees 9270/60 act as support to target 9330/40 then quite strong resistance at 9430/40. A good chance of a high for the day if we reach this far but be aware that the big resistance of the week lies in the 9530/70 band.

Failure to beat 9260/70 keeps the pressure on & below 9200 is more negative targeting only minor support at 9130 then better support at 9050/40. Longs looks risky in this trend but if you try use stops below the gap at 8990. A break below here is more negative & targets 8920/10.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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