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.
Outlook for Stock Markets:
Outlook for Dollar & Yen Pairs:
Dax 40 December futures broke support at 12500/450 to hit my next target of 12280/240.
FTSE 100 December shorts at key resistance at 7085/7100 worked perfectly on the collapse back to first support at 7035/15 but we continued lower to strong support at 6985/65. A low for the day on Thursday & Friday here.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 06:00 GMT.
Dax December broke support at 12500/450 to hit my next target of 12280/240. A break below 12400 is a sell signal targeting 12050/12000. Further losses retest the low at 11850/830.
A bounce can target 12380/400. If we continue higher look for resistance at 12500/530.
FTSE December collapsed back to strong support at 6985/65 with a low for the day again here. A break below 6950 risks a slide to 6920/10, perhaps as far as 6880/60. Further losses can retest 6820/00. Key resistance at 7085/7100. Shorts need stops above 7130. A break higher targets 7200.
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Jason Sen, Director