FTSE hit the next target of 7538/40 & if we continue higher look for 7556/58
|Daily Forecast - 30 May 2017
Dax June contract
Dax holding below 12640/630 again today re-targets 12565/555 before strong support at 12515/505 (& just above the 2 week low of 12491). 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. Longs need stops below 12220.
First resistance at 12630/640 but above here re-targets 12680/690 & 12705/710 (also last week's high) before 4 month trend line resistance now at 12830/840 & the all time high of 12843.
Eurostoxx June contract
EuroStoxx holding below quite strong resistance at 3570/73 targets 3554/53 before more important support at 3545/40. Below here this week however 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.
Above first resistance at 3570/73 allows a recovery towards the high last week at 3590/93 & perhaps as far as the 2 week high at 3626/29.
Ftse June contract
FTSE hit the next target of 7538/40 & if we continue higher look for 7556/58, but gains are likely to be limited in such severely overbought conditions. With bulls in control we could eventually reach 7575/80 with stronger resistance at 7605/09.
First support at 7520/15 but better support at 7500/7495 could hold the downside. If we continue lower look for good support at 7460/55.
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