Daily Forecast - 04 April 2016
Dax June Contract
Dax must hold above 9815/05 today to remain stable. Minor resistance at 9875 but above here targets 9925 then stronger resistance at 9965/75 & the main challenge for bulls today. Shorts need stops above 10000. A break higher targets 10040/050 then 100 day moving average resistance at 10090/10100. Try shorts with stops above 10145.
Failure to hold above 9800 is more negative & targets 9740/35 then last week's low at 9713. Further losses this week target 9675/70 then good support at 9600/9590. This is the best chance of a low for the week but longs need stops below the gap at 9550.
Eurostoxx June Contract
EuroStoxx now oversold so a short term recovery is possible. Holding above 2880 targets resistance & the main challenge for bulls today at 2900/05. Shorts need stops above 2916. Further gains target 2922/25 then strong resistance at 2950/55.
Holding below 2875 however risks a retest of minor support at 2846/42. A break below last week's low at 2840 reinforces the 1 year bear trend & targets 2831/27, 2817/15 & mid-late February lows at 2803/2799.
Ftse June Contract
FTSE first resistance at 6100 but above 6105 targets 6126/30, perhaps as far as minor resistance at 3 week highs of 6155/63. On a break higher this week look for a gap to fill at 6190/95 then strong 200 day moving average resistance at 6205/10.
Failure to hold above 6095 targets good support at 6058/53. A break below 6040 however could re-target 6018 before last week's low at 6010 & important support at the March low at 6000/5999. A break below 5990 this week risks a slide good support at 5945/40.
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