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 break below 14350/300 (with a high for the day exactly here yesterday) is the next sell signal targeting 13950/850.
EuroStoxx 50 JUNE held strong resistance at 3800/10 again on Friday & Monday to keep the outlook negative.
FTSE 100 JUNE hit resistance at the February high of 7610/30 & reversed leaving a huge (potential) double top sell signal.
Update daily by 06:00 GMT
Today’s Analysis.
Dax break below 14350/300 is the next sell signal targeting 13950/850. I am not looking to buy on weakness – I think we will continue to trend lower eventually targeting 13600/550.
I prefer to sell a bounce with minor resistance at 14225/250 then best sell opportunity at 14300/400. Shorts need stops above 13500. A break higher can retest strong resistance at 14750/850. Shorts need stops above 14950.
EuroStoxx broke strong support at 3810/00 targeting 3770/50 & 3720 (hit over night as I write). Further losses are likely eventually to 3660/50, perhaps as far as 3620/10.
Gains are likely to be limited in the bear trend with resistance at 3760/70 & strong resistance at 3800/10. A break higher however can target 3880/90.
FTSE meets resistance at the February high of 7610/30. A break higher tests strong resistance at the 2019 high at 7666.
Holding 7630 sees us break minor support at 7550/40 to target 7500/7480. Although this may hold the downside initially I think longs are too risky now. On a break lower look for 7430/10. 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
20220413
