Technical Analysis DayTradeIdeas
Technical Analysis DayTradeIdeas
Stocks Soar As Predicted
01 April
Emini S&P futures.
- * Emini S&P June futures shot higher from an over night low at 6,353.
- * As you know from my videos, I called for a low for the correction on Monday & also on Tuesday morning.
- * We ran up to resistance at 6,480/6,500 & initially shorts worked as prices reversed from 6,497 to 6,447. A potential profit of up to 500 ticks.
- * Then we shot higher above 6,520 for a buy signal targeting 6,560/6,570.
- * That target was hit before the end of the day.
- * Yesterday’s huge bullish engulfing candle suggests I am right and we will resume the longer term bull trend.
- * However we meet resistance at 6,595/6,605.
- * Shorts need stops above 6,620. Our shorts can target 6,570 & support at 6,550/6,540.
- * Here, longs need stops below 6,525.
- * Strong support at 6,510/6,500 should see a low for the day is tested but longs need stops below 6,485.
- * A break above 6,620 is a buy signal targeting resistance at 6,635/6,655.
- * There is a good chance of a high for the day but shorts need stops above 6,680.
- * Targets: 6,610, 6,585.
Emini Nasdaq futures.
- * Emini Nasdaq June futures tested the descending trend line going back to 10 October at around 23,200/23,150 and an important weekly moving average at 23,000.
- * We made a low for the correction at 22,961.
- * As I said, ”strong support at 23,200/23,000 remains key to direction. If we can recover & hold above 23,440, that would also be positive…Then above 23,700 looks more positive”.
- * As you saw in my video, I was calling for a low for the correction at the start of this week.
- * The longs worked perfectly as we shot higher to all targets & ran through 23,700, as far as 24,000.
- * Yesterday’s huge bullish engulfing candle suggests I am right about a low for the correction and we have resumed the longer term bull trend.
- * However we meet resistance at 24,050/24,150.
- * This is the main challenge for bulls today & shorts need stops above 24,250.
- * A break higher is a buy signal & see 24,150/24,050 act as support to target 23,330/350.
- * A break above 23,450 is the next buy signal targeting resistance at 24,700/24,800
- * Shorts need stops above 24,950. Shorts at 24,500/400 for profit taking.
Emini Dow Jones futures
- * Emini Dow Jones June shot higher from strong support at 45,300/45100 again yesterday as expected to first resistance at 46,350/46,500.
- * The resistance failed & the break higher was a buy signal targeting 47,200/47,300.
- * We ran as far as 46,643 & the outlook remains positive.
- * We could struggle a little at 46,730/780 but shorts are too risky.
- * We should eventually continue higher towards 47,250/300.
- * Strong support at 46,450/300 & longs need stops below 46,100.
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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.
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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