Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

FTSE 100 Holding First Support At 7260/40 Targets 7300/10

Published 11/24/2021, 05:02 AM
Updated 07/09/2023, 06:31 AM
  • Dax 40 December longs at 16080/060 stopped below 16040 for a sell signal targeting 1a buying opportunity at 15960/930. However unfortunately we unexpectedly ran as far as 15860 before the bounce.
  • EuroStoxx 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.
  • FTSE 100 December shorts at first resistance at 7240/60 worked a few times for 50 tick scalping opportunities before we eventually broke higher, so now this is today's support.

Today's Analysis

Dax my buying opportunity at 15960/930 was clearly too high - apologies - I will revise to 15870/840. Try longs with stops below 15800. Very strong support at 15750/700. Longs need stops below 15650. A break lower meets the best support for this week at 15575/525.

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.

DAX Index Chart

EuroStoxx shorts work on the slide to 4270/60. Holding first resistance at 4300/10 risks a retest of 4270/60 with a fall as far as strong support at 4240/30 possible before the end of the week.

Resistance at 4300/10. Second resistance at 4330/40 but above here allows a recovery to 4375/80 before a retest of 4400/10. Anyone want to bet on a double top sell signal here? A break above 4410 however targets 4418/20 but eventually we can reach as far as 4450/55.

FTSE holding what is now first support at 7260/40 targets 7300/10, perhaps as far as 7335/40 before a retest of 7380/90.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.