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.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.