Dax, EuroStoxx, Ftse
Dax 30 June held the smallest weekly range for almost a year and a half – just 178 ticks all last week. Yesterday we held a range of just 88 ticks.
EuroStoxx 50 June held 7 ticks below 3940/45 & 7 ticks above 3900/3890.
FTSE 100 June still holding the January high at 6900/6910.
Daily analysis
Dax holding first support at 15200/180 perfectly again yesterday triggered a recovery to 15255/275 before a high at 15291. Further gains today target the all time high at 15325/338, perhaps as far as 15380/400 & 15520/560.
Downside is likely to be limited in the bull trend with first support again at 15200/180. A break below 15160 however risks a slide to 15130/110. Below 15000 can target 15050/040 before strong support at 15000/14990.
EuroStoxx hits the next target of 3940/45 in the bull trend & held here all last week. Further gains eventually can target 3975/80 & 3995/99.
Downside is expected to be limited with support at 3900/3890. (We held 7 ticks above here yesterday). Longs need stops below 3880 for a test of support at 3860/55.
FTSE held support at 6840/30 throughout most of the day, except for 1 spike down to 6810. We have held support at 6840/30 perfectly since this spike but below 6810 can target strong support at 6790/80. Longs need stops below 6770.
A bounce targets 6865/70 with minor resistance at the January high at 6900/6910. A break above here is obviously positive & signals a move towards the 100 week moving average at 6970/85.
Chart
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