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 hovering below what is now resistance at 14000/100 which risks further moves to the downside.
EuroStoxx 50 MARCH tests 500 day & 100 week moving average support at 3710/3690.
FTSE 100 MARCH looks like it is building a head & shoulders top – with a volatile right shoulder!
Update daily at 07:00 GMT
Dax holding below 14100/000 is obviously negative (with a high for the day here yesterday) & sees a retest of 13780/750. Less chance this will hold on the next test, although it did hold Monday & I am not sure why!! A break lower eventually targets 13650/620 & 13350/300 before an excellent buying opportunity at 13130/100. Longs need stops below 13000.
Shorts at 14100/000 need stops above 14200 for a test of as far as resistance at 14320/370. Watch for a high for the day. If we continue higher look for 14500. Further gains can retest 14600/650 before a test of strong resistance at 14750/850. Sell here with stops above 14900.
EuroStoxx longs from 500 day & 100 week moving average support at 3710/3690 offered big profits on the bounce as far as first resistance at 3855/65. Shorts need stops above 3890. A break higher can target 3960/70.
Shorts at first resistance at 3855/65 target 3800/3790 before best support again at the 500 day & 100 week moving average at 3710/3690. Longs need stops below 3670. A break lower is an important sell signal targeting strong support at 3590/70. Longs need stops below 3530.
FTSE is certainly erratic & volatile as we carve out what is probably a head & shoulders reversal pattern with 200 day moving average at 7200/7190 plus neck line at 7140/30. Therefore a break below 7120 is an important longer term sell signal. In the meantime we have resistance at 7320/40 & again at 7440/60.
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Jason Sen, Director