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EuroStoxx risks are to the downside in the bear trend now

Written By Jason Sen | 2018-04-17 02:18:52 GMT

Good support at 7120/15 could hold the downside again today. However below 7100 risks a slide to 7085/81, perhaps as far as support at 7070/65. Below 7045 meets good support at 7000/6990.

FTSE

 

Dax June contract

Dax holding above 12420/440 is positive for today but strong resistance at 12520/540 is a selling opportunity with stops above 12595. Despite a great 2 week performance & break above 12440, the outlook is very negative if we fail to beat 12520/540. Obviously holding below 12410 is more negative for today targeting 12370 & minor support at 12345/335. A bounce from here is likely on the first test but may only reach 12410/430. Further losses meet quite good support at 12290/280 & the best chance of a low for the day in the short term sideways trend. A break lower however targets 12225/215, perhaps as far as 12170/160.

Strong resistance at 12520/540 is a selling opportunity in overbought conditions, with stops above 12595. A break above 12600 however runs in to the 200 day moving average at 12660/670. Another big challenge. Above here we hit the 100 dma & January low at 12720/730 & I very much doubt this can be beaten.

DAX

 

Eurostoxx June contract

EuroStoxx risks are to the downside in the bear trend now. Minor support at 3358/55 then 3339/35. On further losses look for 3325/22 before the best support today at 3309/05.

Try shorts at 3385/90 with stops above 3405. An unexpected break higher however targets 3420/25 & 3435/39.

Euro

Author

By Jason Sen
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