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.
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Dax 40 June breaks out to the upside to retest the all time high at 16295.
FTSE 100 June trapped in a 120 tick range for 2 weeks.
Update daily by 06:00 GMT.
Dax June beat the all time high at 16275/295 & made it to the next target of 16370/390 with a high for the day exactly here. Bulls are clearly in control so further gains look likely this week targeting 16440/450 & 16495/505.
Downside should be limited & we could see a low for the morning at 16300/16290 but if we see further losses during the day I would expect very strong support at 16260/240. Longs need stops below 16200.
FTSE June meets resistance at the high of the 2 week range at 7800/7820. Shorts need stops above 7835. A break higher is a buy signal as long as we hold above 7810/7790, targeting 7780/90 before a retest of the April high at 7925/35. Minor support at 7760/50 then better support at the lower end of the range at 7700/7690. Longs need stops below 7680…on a break lower look for 7655/50.
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Jason Sen, Director