DAX: Strong support again at 15120/100

Jason Sen DayTradeIdeas.co.uk

Dax, EuroStoxx, Ftse

Dax 30 June bottomed exactly at support at 15120/100. Longs worked perfectly on the bounce to first resistance at 15290/330. As I write we topped exactly here.

EuroStoxx 50 June bottomed exactly at strong support at 3900/3890 & longs worked perfectly on the bounce to 3955.

FTSE 100 June recovered to the first target & strong resistance at 6900/6920. We topped exactly here.

Daily analysis

Dax longs offered almost 200 ticks profit on the bounce to our target & first resistance at 15290/330. A break higher targets 15440/450 before a retest of the all time high at 15500/529. A break higher in the bull trend targets 15650/700 & resistance at 15800/850.

Strong support again at 15120/100 today. Longs need stops below 15070. Further losses meet the strong support at 14990/940. Longs need stops below 14890. A break lower to targets 14820/800.

EuroStoxx longs at 3900/3890 work on the bounce to first resistance at 3935/45. A break above 3955 allows a retest of 3990/4000 Further gains target 4018/22 & 4032/35.

Strong support again at 3900/3890. A break below 3880 however risks a slide to 3865/62. Expect strong support at 3845/35. Longs need stops below 3825.

FTSE topped exactly at the first target & strong resistance at 6900/6920 as I write this morning. Holding here risks the formation of a head & shoulders reversal pattern. We will watch this carefully. Shorts need stops above 6935. A break higher targets 6965/70 before a retest of resistance at 6990/7000.

Shorts at strong resistance at 6900/6920 target 6870/60, perhaps as far as 6840/35. Strong support at 6790/80. Longs need stops below 6770. A break lower targets 6735/30. Best support then at 6665/35. Longs need stops below 6615.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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