FTSE first support at 7468/63 & we should at least pause here on any profit taking
|Daily Forecast - 23 May 2017
Ftse June contract
FTSE first support at 7468/63 & we should at least pause here on any profit taking, but below targets 7440/35, perhaps as far as strong support at 7400/7390. Try longs with stops below 7375.
Resistance at 7498/7502 of course. A break higher today targets 7523/36 then 7538/40.
Dax June contract
Dax bounced back to first resistance at 12630/640 & held here perfectly in to the close. Again therefore this is key to direction. A break above yesterday's high at 12680/690 targets 12705/10 & 4 month trend line resistance at 12780/790. Obviously we have further resistance at the all time high of 12840 so this 12780-12840 band should be a major challenge.
Failure to beat 12640/630 re-targets 12565/555 before strong support again at 12515/505. This held perfectly last week; again longs need stops below 12470. A break lower is a sell signal targeting 12430/420 & perhaps as far as strong support at 12300/270 for a buying opportunity. A low for the week likely, but longs need stops below 12220.
Eurostoxx June contract
EuroStoxx minor resistance at 3570/73 but above 3580 allows a recovery to 3595/3600 & perhaps as far as the high last week at 3626/29.
Failure to beat first resistance at 3570/73 (which is only minor) targets minor support at 3554/53 before more important support at 3545/40. Below re-targets 3518/15 & perhaps as far as 3505/00. We could reach as far as support at 3490/80 on the downside but look for a low for the week. A break below 3470 however is another sell signal targeting 3455/50 & perhaps as far as minor support at 3435/30.
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