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FTSE 100 Breaks Minor Support

By Jason SenStock MarketsNov 25, 2021 05:08AM ET
FTSE 100 Breaks Minor Support
By Jason Sen   |  Nov 25, 2021 05:08AM ET
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  • DAX December longs at solid support at 15750/700 worked perfectly.
  • Euro Stoxx 50 December we wrote: Just completed a head and shoulders reversal pattern for a sell signal initially targeting 4310/00 then 4270/60 (a low for the day here), perhaps as far as strong support at 4240/30.
  • That call could not have been more accurate, with a low for the day at 4240/30. A potential profit of up to 100 ticks.
  • FTSE 100 December broke minor support at 7260/40 but held 18 ticks above the  buying opportunity at 7170/50

Today's Analysis

DAX longs at strong support at 15750/700 worked perfectly on the bounce with resistance at 15950/16000 for some profit-taking. Strong resistance at 16050/100. Shorts need stops above 16150. A break higher keeps bulls in control for today, targeting 16260/280. A break above 16290 should target 16350/390.

Minor support is at 15880/860. A solid support is at 15750/700. Longs need stops below 15650. A break lower meets the best support for this week at 15575/525.

DAX index chart.
DAX index chart.

EuroStoxx shorts work on the slide to strong support at 4240/30 with a low for the day here, so longs also worked perfectly on the bounce to 4300/10. This is the only resistance of the day. Shorts need stops above 4320. A break higher targets 4340/50.

Holding resistance at 4300/10 targets 4280/70 before a retest of strong support at 4240/30. Longs need stops below 4220. A break lower is a sell signal. FTSE shot higher to the 7300/10 target as I write this morning, perhaps as far as 7335/40 later today, before a retest of 7380/90.

Minor support again at 7260/40 before a buying opportunity at 7170/50 with stops below 7135. A break lower targets 7100/7090, perhaps as far as 7040/30.

FTSE 100 Breaks Minor Support

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FTSE 100 Breaks Minor Support

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