Dax sold off towards 11990/980 but this is only very minor support

Daily Forecast - 20 April 2017

Dax June contract

Dax sold off towards 11990/980 but this is only very minor support. 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.

Gains are likely to be limited with first resistance at 12045/055 then a high for the day possible at 12080/090. On further gains however look for a selling opportunity at 12145/155, with stops above 12190.

Eurostoxx June contract

EuroStoxx sold off to to 3335. Same levels apply for today with first resistance at 3350/52 but 3363/66 the main challenge for bulls today. If we continue higher look for a selling opportunity at 3390/95, with stops above 3410.

Good support at 3324/20 & a bounce from here is likely but a break lower tests the 100 day moving average support at 3302/00. Unlikely...but a break lower targets a buying opportunity at 3270/65.

Ftse June contract

FTSE lower again to 7034. Severely oversold short term so a small recovery is possible to 7085/90 but first resistance at 7100/10 likely to see a high for the day. However if we continue higher look for a selling opportunity at 7160/70, with stops above 7200.

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.