FTSE 100 breaks minor support at 7260/40 but holds 18 ticks above the buying opportunity at 7170/50

Dax 40 December longs at very strong support at 15750/700 worked perfectly.
EuroStoxx 50 December we wrote: Just completed a head & shoulders reversal pattern for a sell signal initially targeting 4310/00 then 4270/60 (a low for the day here), perhaps as far as strong support at 4240/30.
That call could not have been more accurate with a low for the day at 4240/30. A potential profit of up to 100 ticks.
FTSE 100 December broke minor support at 7260/40 but held 18 ticks above the buying opportunity at 7170/50

Jason Sen DayTradeIdeas.co.uk

Daily analysis

Dax longs at strong support at 15750/700 worked perfectly on the bounce with resistance at 15950/16000 for some profit taking. Strong resistance at 16050/100. Shorts need stops above 16150. A break higher keeps bulls in control for today targeting 16260/280. A break above 16290 should target 16350/390.

Minor support at 15880/860. Very strong support at 15750/700. Longs need stops below 15650. A break lower meets the best support for this week at 15575/525.

EuroStoxx shorts work on the slide to strong support at 4240/30 with a low for the day here so longs also worked perfectly on the bounce to 4300/10. This is the only resistance of the day. Shorts need stops above 4320. A break higher targets 4340/50.

Holding resistance at 4300/10 targets 4280/70 before a retest of strong support at 4240/30. Longs need stops below 4220. A break lower is a sell signal.

FTSE shot higher to the 7300/10 target as I write this morning, perhaps as far as 7335/40 later on today, before a retest of 7380/90.

Minor support again at 7260/40 before a buying opportunity at 7170/50 with stops below 7135. A break lower targets 7100/7090, perhaps as far as 7040/30.

Author

Jason Sen

DayTradeIdeas.co.uk

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