FTSE 100: A break higher 7835 is a buy signal [Video]

Dax 40 June breaks out to the upside to retest the all time high at 16295.
FTSE 100 June trapped in a 120 tick range for 2 weeks.

Jason Sen DayTradeIdeas.co.uk

Today's analysis

Dax June beat the all time high at 16275/295 & made it to the next target of 16370/390 with a high for the day exactly here. Bulls are clearly in control so further gains look likely this week targeting 16440/450 & 16495/505.

Downside should be limited & we could see a low for the morning at 16300/16290 but if we see further losses during the day I would expect very strong support at 16260/240. Longs need stops below 16200.

FTSE June meets resistance at the high of the 2 week range at 7800/7820. Shorts need stops above 7835. A break higher is a buy signal as long as we hold above 7810/7790, targeting 7780/90 before a retest of the April high at 7925/35.

Minor support at 7760/50 then better support at the lower end of the range at 7700/7690. Longs need stops below 7680...on a break lower look for 7655/50.

Author

Jason Sen

DayTradeIdeas.co.uk

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