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 December futures hovered from just below resistance at 12900/950 to retest first support at 12750/700, but over ran to 12644.
FTSE 100 December still holding first support at 6910/6890 with a low for the day exactly here.
Dax December tests first support at 12750/700. Longs here can target 12810/830 (a high for the day here in fact yesterday), perhaps as far as resistance at 12900/950. Shorts need stops above 13050. Be ready to buy a break above here targeting 13200/250.
First support at 12750/700 as predicted. Longs need stops below 12650. A break lower is a sell signal for today targeting 12600 & probably as far as support at 12500/450 for profit taking on shorts.
FTSE December tests first support at 6910/6890 but longs need stops below 6870. A break lower can target 6800/6780. Below 6760 can retest 6720/10.
Longs at first support at 6910/6890 can target 6950 before a retest of first resistance at 7000/7020. Shorts need stops above 7040. Be ready to buy a break above 7040 targeting strong resistance at 7110/20.
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Jason Sen, Director