European Indices: DAX (GER 40), EuroStoxx50 and FTSE (UK100) Reviewed. How Are You Indices?
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Dax 40 JUNE break below 14350/300 (with a high for the day exactly here yesterday) is the next sell signal targeting 13950/850.
EuroStoxx 50 JUNE held strong resistance at 3800/10 again on Friday & Monday to keep the outlook negative.
FTSE 100 JUNE hit resistance at the February high of 7610/30 & reversed leaving a huge (potential) double top sell signal.
Update daily by 06:00 GMT
Today's Analysis.
Dax break below 14350/300 is the next sell signal targeting 13950/850. I am not looking to buy on weakness - I think we will continue to trend lower eventually targeting 13600/550.
I prefer to sell a bounce with minor resistance at 14225/250 then best sell opportunity at 14300/400. Shorts need stops above 13500. A break higher can retest strong resistance at 14750/850. Shorts need stops above 14950.
EuroStoxx broke strong support at 3810/00 targeting 3770/50 & 3720 (hit over night as I write). Further losses are likely eventually to 3660/50, perhaps as far as 3620/10.
Gains are likely to be limited in the bear trend with resistance at 3760/70 & strong resistance at 3800/10. A break higher however can target 3880/90.
FTSE meets resistance at the February high of 7610/30. A break higher tests strong resistance at the 2019 high at 7666.
Holding 7630 sees us break minor support at 7550/40 to target 7500/7480. Although this may hold the downside initially I think longs are too risky now. On a break lower look for 7430/10.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
