Dax in a correction phase

Daily Forecast - 21 April 2017

Dax June Contract

Dax first resistance at 12080/090 but further gains today target 12130/140. Watch for a high for the day. However a break above 12160 could see us continue higher towards 12190 & perhaps as far as minor resistance at 12240/250.

Failure to beat first resistance at 12080/090 targets minor support at 12015/005 before this week's low at 11970/963. If we continue lower look for 11935 then good support at 11880/850 which may complete a small correction. Try longs with stops below 11800.



Ftse June Contract

FTSE no longer oversold short term so risks are to the downside. A break below 7030 targets the February low at 7025 then 7010 before the target of 6990/6980. Exit shorts & try longs expecting an end to the correction...with wide stops below 6930.

A further recovery meets first resistance at 7100/10 & we are likely to see a high for the day here with bears in control at this stage. However if we continue higher look for a selling opportunity at 7160/70, with stops above 7200.



Eurostoxx June Contract

EuroStoxx first support at 3370/67 then very minor support at 3354/52 but below here targets 3333/30. A break below the 3326 low for this week targets strong Fibonacci support & March low at 3321/17. Try longs with stops below 3303.

Look for a selling opportunity at 3395/99, with stops above 3410. A break higher however targets last week's high at 3430, 2 week highs at 3436 before the April high at 3441.



S&PJune Contract

Emini S&P first resistance at 2356/58 then quite strong resistance at last week's high at 2363 but probably the strongest resistance today is the short term trend line at 2367/69. Try shorts with stops above the April high at 2375.

First support at 2349/48 but below here targets 2343/42. Below 2340 risks a slide to 2335/33 before minor trend line support at 2325/24.


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