FTSE holding important Fibonacci resistance at 7370/74

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 25 April 2018

Ftse June contract

FTSE holding important Fibonacci resistance at 7370/74 for a sell signal. Minor support at 7324/20 then 7290/85. Further losses target 7255 before the best support of the day at 7238/34.

Minor resistance at 7332/35 then important resistance in the 7355/75 area. Try shorts with stops above 7395. An unexpected break higher initially targets 7410/15.

Dax June contract

Dax key to direction is obviously support at 12430/425 but eventually this is likely to break & I would not be surprised to visit 12285/12245 in to the end of the week.

Gains are likely to be limited with first resistance at 12490/500. Stronger resistance at 12550/560 could see a high for the day if tested, but the main challenge for bulls this week of course is 200 & 100 DMA at 12665/695. Try shorts with stops above the January low at 12731. A break higher triggers stops on shorts for a buy signal targeting 12780 & minor resistance at 12880.

Eurostoxx June contract

EuroStoxx finally turned lower to support at 3403/00 & bottomed just 2 ticks below. Outlook negative & on further losses look for better support at 3385/80. Once this gives way we could accelerate to the downside targeting 3367/65, 3360/58 & support at 3345. Below here targets 3333 & 3325.

Holding above 3405/07 today allows a recovery to quite strong resistance at 3423/26. If we unexpectedly continue higher look for 3442/43 before the 3452 high.

Author

Jason Sen

DayTradeIdeas.co.uk

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