DAX (GER 40) EuroStoxx 50 And FTSE 100 (UK100) In Focus

DAX (GER 40) EuroStoxx 50 And FTSE 100 (UK100) In Focus

Dax 40 tested strong longer term moving average support at 14100/000 but ran almost as far as the next target of 13750/710. We have now established a base & I think a further recovery is likely.

EuroStoxx 50 MARCH crashed as far as my lower target of 3750/40 with a high for the day exactly here & a 150 tick bounce.

FTSE 100 MARCH crashed as far as 7141, just 11 ticks above strong support at 7130/10 with a 100 tick recovery.

Update daily at 07:00 GMT

Today's Analysis.

Dax is now holding above strong longer term moving average support at 14100/000. We are holding short term 23.6% resistance at 14360/380 & this is the main challenge for bulls today. A break above 14410 therefore should be a buy signal targeting 14500 & 14600/650 & perhaps as far as strong resistance at 14750/850. Sell with stops above 14900.

Strong longer term moving average support at 14100/000. A break below 13950 however could retest 13780/750. Less chance this will hold on the next test.

EuroStoxx managed a bounce to 3810/00 & my next target of 3880/90. A break above 3910 signals further gains to 3950 & probably as far as strong resistance at 3985/95.

Failure to beat first resistance at 3880/90 risks a slide to 3845/35 before a retest of support at 3750/40.

FTSE crashed as far as strong support at 7130/10 before a bounce to 23.6% resistance at 7250/60. A break above 7275 signals further gains to strong resistance at 7320/40. Watch for a high for the day. A break higher however targets 7380/90 before a sell opportunity at 7435/55.

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Jason Sen

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk