Dax the main challenge for bulls today is of course 200
|Ftse June contract
FTSE key to direction is short term trend line resistance at 7300/05. On further gains look for a selling opportunity at late February high & 100 day moving average at 7315/20. Bull are only back in control above the 200 day moving average at 7355. A weekly close above here tomorrow night is a strong buy signal.
Bulls in control despite severely overbought conditions but risks increase to the downside as we close in on that important resistance mentioned above. Failure to hold above the March high at 7251 risks a slide to 7230/26, perhaps as far as 7195/7185. Try longs with stops below 7160.
Dax June contract
Dax the main challenge for bulls today is of course 200 & 100 DMA at 12660/710. I very much doubt this 55 point range can be beaten today (it held yesterday). A sustained break above the January low at 12731 however triggers stops on shorts for a buy signal targeting 12780 & minor resistance at 12880.
Minor support at 12560/555, more important support at 12520/510. A break below signals the bears are back in control (as I suspect they will be) targeting 12460/450 & support at 12430/425. A good chance of a low for the day but the bounce may be small & longs will be risky.
Eurostoxx June contract
EuroStoxx topped exactly at the next target of 3420/25 as we struggle higher in overbought conditions. Further gains target 3435/39 before the March high at 3447.
If we do turn lower look for minor support at 3400/3398 & 3386. Strong support at 3366/63 likely to see a low for the day if tested.
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