DAX: Longs need stops below 15080

Jason Sen DayTradeIdeas.co.uk

Dax, EuroStoxx, Ftse

Dax 30 June potential double top at the all time high at 15510/530 as we hold 50 points below here yesterday.

EuroStoxx 50 June beats 3990/4000 highs to hit the next target of 4018/22. We topped exactly here.

FTSE 100 June beats key 200 week moving average resistance at the April high of 6990/7000 for a buy signal & ran 140 tick to 7143. However prices have unexpectedly collapsed to 7000.

Daily analysis

Dax has collapsed to support at 15260/220. A bounce from here targets 15400 & the all-time high at 15510/530. A break higher targets 15630/50 & 15710/770.

Bulls did well to recovery from Tuesday’s steep losses & must hold strong support at 15260/220 to remain in control this week. A break below 15200 meets a buying opportunity at 15135/115. Longs need stops below 15080. A break lower targets 15000/950, perhaps as far as support at 14900/850. Longs need stops below 14800.

EuroStoxx collapsed so what should be strong support at 3960/50. A break lower to however targets a buying opportunity at 3920/15. Stop below 3900. Next target is the May low at 3884/80.

Bulls need prices to hold above 3980 to target 4000 & 4018/22 & back up to 4032/35. Further gains are possible to 4050/55.

FTSE meets first support at 7000/6980. Holding here allows a recovery to 7060 & 7090/7100. Further gains re-target 7145/55, perhaps as far as 7200/10.

First support at 7000/6980. Longs need stops below 6960. A break lower targets 6920/10 then 6890/80 before a buying opportunity at 6840/20, stop below 6800.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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