Technical Analysis – DayTradeIdeas

Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.

Dax 40 June edges higher again to 16045, not quite as far as my next target of 16070/090. We closed down on the day in severely overbought conditions as we hover only 300 ticks from the all time high. Clearly this opens up double top risk.

FTSE 100 June continues higher as expected after the latest buy signal, hitting my targets of 7775/80 & 7840/50 with a high for the day.

Update daily by 06:00 GMT.

Today’s Analysis.

Dax June we are in a bull trend so buying at support remains the favoured strategy although I am watching carefully for a sell signal as we approach the all time high. A double top would be an important longer term sell signal. We should have support at 15900/850. A break below 15800 however risks a slide to 15720/700, perhaps as far as 15650/630.

A break above 16070/090  retests the all time high at 16275/295.

FTSE June break above 7865 hit my next target of 7910/20 with a high for the day exactly here yesterday. Just be aware that we are severely overbought after an incredible 500 point gain in just 4 weeks. Yesterday we closed lower on the day, which is a minor negative signal. Not a sell signal, I would need to see something more convincing in such a bull trend to suggest short positions, but I certainly would not be surprised to see a small correction to the downside at this stage.

Above 7920 this week look for 7955/65.

First downside target & support at 7855/45. A low for the day is certainly possible. Longs need stops below 7830. A break lower however targets 7810/00, perhaps as far as strong support at 7755/35.

Emini S&P June I warned may establish a sideways range & that certainly has been the case all last week although these short term volatile sideways trend are difficult to trade.

Edges towards strong resistance at the February high & 100 week & 500 day moving average resistance at 4200/4210. THIS IS THE IS THE MOST IMPORTANT LEVEL OF THE WEEK.

Nasdaq June dips longs at strong support at 13000/12950 worked perfectly on the expected bounce to my target of 13180/13220 for a quick 200 tick profit.

We have been stuck in a 400 tick range for 2 weeks so same levels apply for today.

Emini Dow Jones June recovered steep loss on Thursday then collapsed initially on Friday before a recovery. Clearly we are stuck in a short term volatile sideways trend.

Update daily by 06:00 GMT.

Today’s Analysis.

Emini S&P June close to a test of the February high & 100 week & 500 day moving average resistance at 4200/4210. Try a short with stop above 4230. A break higher (& holding above 4200) is an important buy signal this week (obviously!!).

Minor support at 4150/40, with a low for the day exactly here yesterday for a quick scalp. Strong support at 4100/80. Longs need stops below 4070. A break lower targets 4040/30, perhaps as far as 4010/00.

Shorts at 4200/4210 can target 4160/50, perhaps as far as 4110/00.

Nasdaq June longs at strong support at 13000/12950 worked perfectly hitting my target of 13180/13220. By Friday we edged a little higher to 13255. A break higher today can retest the April high at 13330/350. A break higher from here meets strong resistance at 13480/520. Shorts need stops above 13560. We are holding an erratic & volatile sideways channel from 12950 up to 13200/250. Watch for the breakout.

Strong support again at 13000/12950. Longs need stops below 12900. A break lower can target 12740/700.

Emini Dow Jones June bulls need to hold prices above the 4 month descending trend line at 34100/34000 for a buy signal targeting 34280/290 & 34500. However bear in mind we are severely overbought after a 3000 point gain in just 1 month. A break below 33800 signals the 4 month trend line has held & is likely to see further losses to at least 33600.

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

Jason Sen, Director

https://www.daytradeideas.co.uk

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