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Showing results for tags 'ftse'.
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FTSE had an opening gap to 5643 and despite filling it below, we broke and held above good resistance all afternoon at 5652. We now look to this level as good support and look to bounce from this level. 5652 remains support but sell a break of 5643 tomorrow for 5625 and possibly a test of the weeks' low at 5609. This is good support and we would cover all shorts here and try small longs keeping stops below 5581. Below here we have support at 5558 before January lows at 5539 we would attempt longs here keeping stops below 5524. If we manage to get through here look to 5501. If we see a bounce look to 5672/75 before 5686/89 and then good resistance at 5712/15 this area is now trend line and fib so we should be sellers up with stops above 5738. above here we would be looking to test the highs at 5763/66. Dax headed higher to 6515/22 giving us a chance to establish shorts as we topped at 6538. We look for pressure to the downside today and we can take profit on those shorts at 6463/58 if we have not already yesterday afternoon. Below here look for 6430 support and then Monday’s low at 6416. A break lower could be expected today to target that 6393/83 level. If this fails today we should see prices heading for a test of good support at 6351. Cover all shorts and attempt longs here as we look for a short term bounce. Stops on longs needed below 6335 for 6323/20 and possibly 6295/85. Resistance at 6493/98 then the 6522/38 area. This should be tough to beat but if we make it higher look to establish shorts once again at 6570/80 as we look for a double topping pattern and weakness in to the end of the week to follow. Pressure is now building for a move lower in to next week. Eurostoxx did bounce for a selling opportunity with pressure seen remaining to the downside at this stage. Failure to get through 2422 keeps the sellers in control for a retest of 2397/93. Be prepared for a break below this support today for a slide to 2370 next. Cover shorts here with the chance of a bounce back to at least 2393/96. However a break below 2370 allows the gap to be filled down to 2360. Attempt longs here for a resumption of the longer term up trend, adding to shorts down at 2351/47. We are very unlikely to fall any further but stop losses needed as always and this time below 2336. Above 2422/20 can go for yesterday’s highs at 2435/40 and if this does not hold a visit to 2446/50 is possible. Attempt shorts here and add to these shorts up to 2468. As stated, we look for this level to hold the upside again. However if we do manage to break higher today we may stretch to 2502/09. There is a combination of many resistances here so unload any longs and attempt shorts up in this area.
