FTSE 100 breaks minor support at 7260/40 but holds 18 ticks above the buying opportunity at 7170/50
|-
Dax 40 December longs at very strong support at 15750/700 worked perfectly.
-
EuroStoxx 50 December we wrote: Just completed a head & shoulders reversal pattern for a sell signal initially targeting 4310/00 then 4270/60 (a low for the day here), perhaps as far as strong support at 4240/30.
-
That call could not have been more accurate with a low for the day at 4240/30. A potential profit of up to 100 ticks.
-
FTSE 100 December broke minor support at 7260/40 but held 18 ticks above the buying opportunity at 7170/50
Daily analysis
Dax longs at strong support at 15750/700 worked perfectly on the bounce with resistance at 15950/16000 for some profit taking. Strong resistance at 16050/100. Shorts need stops above 16150. A break higher keeps bulls in control for today targeting 16260/280. A break above 16290 should target 16350/390.
Minor support at 15880/860. Very strong support at 15750/700. Longs need stops below 15650. A break lower meets the best support for this week at 15575/525.
EuroStoxx shorts work on the slide to strong support at 4240/30 with a low for the day here so longs also worked perfectly on the bounce to 4300/10. This is the only resistance of the day. Shorts need stops above 4320. A break higher targets 4340/50.
Holding resistance at 4300/10 targets 4280/70 before a retest of strong support at 4240/30. Longs need stops below 4220. A break lower is a sell signal.
FTSE shot higher to the 7300/10 target as I write this morning, perhaps as far as 7335/40 later on today, before a retest of 7380/90.
Minor support again at 7260/40 before a buying opportunity at 7170/50 with stops below 7135. A break lower targets 7100/7090, perhaps as far as 7040/30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.