FTSE retests week's high at 7481/87
|Daily Forecast - 20 June 2017
Eurostoxx September contract
EuroStoxx hit the next target, testing the 2 week high at 3581/87. A break higher today targets the June high at 3600/01 this week. If we continue higher look for the mid-May high at 3614/16.
Failure to beat the 2 week high at 3581/87 risks a slide to first support at 3545/49. This held the downside perfectly yesterday & is likely top do so again today. Further losses however test only minor support at 3524/29. A break below Friday's low at 3518 risks a slide to reasonable support down to 3490. A break lower this week is a sell signal targeting less important support at 3470/66.
Ftse September contract
FTSE retests week's high at 7481/87. On a break above 7500 look for 7515 & 7535/40.
Failure to beat 7481/87 targets 7470/68 then good support at 7430/20 which should hold the downside. Longs need stops below 7405.
Dax September contract
Dax breaking above the June high for the September contract at 12915 targets 12940/950. We should struggle here initially but further gains in the bull trend target 13000/010 & 13055/060, perhaps as far as 13115/125.
Failure to beat June high for the September contract at 12915 keeps us in a very boring sideways range targeting 12889/885 then support at 12840/830. Watch for a bounce from here, but if we continue lower look for a buying opportunity at 12770/760, with stops below 12720.
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