Technical Analysis Video – 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 extremely volatile (which I still think is part of the process of building a bear trend) & breaking to the downside at last.
EuroStoxx 50 MARCH breaks important support at 4060/50 for a longer term sell signal.
FTSE 100 MARCH We wrote: Severely overbought & I feel we can go lower but there is no sell signal whatsoever.
Initially prices tumbled to first support at 7530/10 with a break lower yesterday to the next target of 7460/50 & well on the way to 7405/7395.
Update daily at 07:00 GMT
Dax trying to break below important support again at 15050/15000 for a serious sell signal for this week. We can quickly go to 14800 (A LOW FOR THE DAY YESTERDAY AT 14831). A break below here is a more serious sell signal initially targeting 14680/650, eventually as far as 14350/300.
Bulls now need prices above 15250 to regain control. (So shorts need stops above here). We can then target 15360/390. If we continue higher look for 15500/550.
EuroStoxx holding below 4060/50 should be seen as a very serious sell signal – a move straight to 3900/3890 is likely. I would be concerned about a crash – A break below 3865 should trigger further significant losses.
Bulls need prices back above 4100 to regain control. We can then target 4125/30. Expect strong resistance at 4170/80. Shorts need stops above 4190.
FTSE now has strong resistance at 7510/30, which if tested & holds again today re-targets 7460/50 then 7405/7395. Expect strong support at 7350/40.
Shorts at 7510/30. Stop above 75540. A break higher however can target 7570/80 before a retest of 7620/30. Further gains target 7660/70, perhaps as far as 7740/60.
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Jason Sen, Director