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 September futures frustratingly beat my resistance at 12950/13050 hitting 13155 before reversing.

FTSE 100 September futures made a high for the day exactly at strong resistance at 7480/7500. Shorts worked perfectly on the collapse to strong support at 7330/20, with a low for the day exactly here.

Today’s Analysis.

Dax meets resistance at 13000/13100 today. Shorts need stops above 13200!! A break higher targets 13320/340 then strong resistance at 13450/500. Shorts need stops above 13600.

Shorts at resistance at 13000/13100 target 12800/750. Below 12700 look for 12630/600 before a retest of the 2022 low at 12400/367. A break below here (is likely eventually although I do not know if we will bounce from here on the next test) is a huge sell signal for the autumn. A 600 tick drop could be seen quite quickly.

FTSE holding first resistance at 7410/30 can target strong support at 7330/20. Longs need stops below 7400. A break lower tests the 100 & 200 day moving averages at 7370/50. A break below here is an important sell signal.

First resistance at 7410/30. Strong resistance again at 7480/7500. Shorts need stops above 7530.

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Jason Sen, Director

https://www.daytradeideas.co.uk

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