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Charmer Charts Dax & EuroStoxx daily technical anlaysis forecast
- Thread starter CharmerCharts
- Start date
- Watchers 3
Dax remained under selling pressure as expected breaking the March lows at 6854 to hit 6782.
There is a small trend line here which may support this morning and offer a little bounce to 6820/26, perhaps 6854/62. Look to exit
all longs here and attempt shorts once again with the market expected to remain under selling pressure for most of today’s session.
Stops needed above 6885 for a test of 6905/15 for another go at shorts. Stops above 6945 and attempt shorts again at 6980/85.
A break below 6782/77 is possible and keeps the pressure on for some Fib support at 6755 and then on towards 6713 to 6696 which
fills a gap back in mid March. Below here we look for 6642 before a retest of Feb lows and Fibonacci support at 6620/11. There is a
strong chance the market will bottom out here once again today and for this correction lower so cover all shorts and attempt longs.
We may bounce around here for a day or so as we build a base and then rally in to next week. Sops needed however below 6585 for
6550.
There is a small trend line here which may support this morning and offer a little bounce to 6820/26, perhaps 6854/62. Look to exit
all longs here and attempt shorts once again with the market expected to remain under selling pressure for most of today’s session.
Stops needed above 6885 for a test of 6905/15 for another go at shorts. Stops above 6945 and attempt shorts again at 6980/85.
A break below 6782/77 is possible and keeps the pressure on for some Fib support at 6755 and then on towards 6713 to 6696 which
fills a gap back in mid March. Below here we look for 6642 before a retest of Feb lows and Fibonacci support at 6620/11. There is a
strong chance the market will bottom out here once again today and for this correction lower so cover all shorts and attempt longs.
We may bounce around here for a day or so as we build a base and then rally in to next week. Sops needed however below 6585 for
6550.
Eurostoxx continued lower as expected to reach our target of 2339/30 where we suggested covering all shorts and attempting longs
here with stops below 2320. The market bottomed at 2325.
We are only looking for a very small bounce and should be taking profits on longs in the 2348/53 area. This may be all we see on the
upside with selling pressure expected to remain throughout much of today. Attempt shorts here also and add up to 2370/76 with
stops required above 2387 for 2400/10 where we can attempt shorts looking for sellers to take control once again. Stops on shorts
above 2320.
As stated the market is expected to remain under pressure for most of today’s session. Below 2320 we look for a gap to be filled
down to 2292 then better support at 2277/67. This is our second major target for this correction lower and there is a strong chance
of the market bottoming here. It is unlikely we will get a sharp rally off this point, more of a bounce around to build a base and
then a good rally in to next week. Exit all shorts and buy in to longs here.
here with stops below 2320. The market bottomed at 2325.
We are only looking for a very small bounce and should be taking profits on longs in the 2348/53 area. This may be all we see on the
upside with selling pressure expected to remain throughout much of today. Attempt shorts here also and add up to 2370/76 with
stops required above 2387 for 2400/10 where we can attempt shorts looking for sellers to take control once again. Stops on shorts
above 2320.
As stated the market is expected to remain under pressure for most of today’s session. Below 2320 we look for a gap to be filled
down to 2292 then better support at 2277/67. This is our second major target for this correction lower and there is a strong chance
of the market bottoming here. It is unlikely we will get a sharp rally off this point, more of a bounce around to build a base and
then a good rally in to next week. Exit all shorts and buy in to longs here.
Dax filled the gap to 6696and should open lower today and perhaps retest this level.
There is a good chance this breaks and we test excellent support and a long term buying opportunity at 6673/69. This support could hold this 2 week correction and bottom out here, so cover all shorts and attempt longs. We may bounce around here for a day or so as we build a base and then rally in to next week. However stops on those longs needed below 6642 for retest of Feb lows and Fibonacci support at 6620/11. Again this support is strong and could be enough to attract longer term buyers so worth attempting longs for the second time. Stops needed however below 6585 for 6550.
Eurostoxx will open lower and should fill the gap down to 2292 then go on to test better support at 2277/67. This is our second major target for this correction lower and there is a strong chance of the market bottoming here. It is unlikely we will get a sharp rally off this point, more of a bounce around to build a base and then a good rally perhaps later in week. Exit all shorts and buy in to
longs here. Being a major level we need to allow some room so stops below 2242. We could then see the market trade down to 2209 and possibly as far as 2195. Buy here again looking for a very significant bounce, with stops below 2180.
Resistance at 2325/31 and then 2343/45. Above here we could reach 2368/69 then 2376/82.
There is a good chance this breaks and we test excellent support and a long term buying opportunity at 6673/69. This support could hold this 2 week correction and bottom out here, so cover all shorts and attempt longs. We may bounce around here for a day or so as we build a base and then rally in to next week. However stops on those longs needed below 6642 for retest of Feb lows and Fibonacci support at 6620/11. Again this support is strong and could be enough to attract longer term buyers so worth attempting longs for the second time. Stops needed however below 6585 for 6550.
Eurostoxx will open lower and should fill the gap down to 2292 then go on to test better support at 2277/67. This is our second major target for this correction lower and there is a strong chance of the market bottoming here. It is unlikely we will get a sharp rally off this point, more of a bounce around to build a base and then a good rally perhaps later in week. Exit all shorts and buy in to
longs here. Being a major level we need to allow some room so stops below 2242. We could then see the market trade down to 2209 and possibly as far as 2195. Buy here again looking for a very significant bounce, with stops below 2180.
Resistance at 2325/31 and then 2343/45. Above here we could reach 2368/69 then 2376/82.
Dax was much weaker than expected and broke through all supports including March lows at 6602.
We are over sold in the short term but there is still selling pressure and so little chance of a bounce just yet and below 6579/68 today
we should see the market heading to the next main target and support. This is seen with 55 and 100 day moving averages at 6540/25 and then good longer term Fibonacci support at 6497. With the market oversold a good chance of this area holding today but stops on longs here needed below 6470.
Resistance on a bounce is seen at 6695/6715 but above 6735 we could continue higher for 6772 and possibly as far as 6808. Attempt shorts with stops above 6835 for another selling opportunity at 6883/98.
Eurostoxx was unable to hold 2277/67 support and was weaker than expected.
The market is looking oversold in the short term and also on the daily charts but there is still some downside room before a bounce.
We could see the market trade down as far as 2189/85 today. Buy here again looking for a very significant bounce, with stops below 2160. If this level fails we should see 2136 and then a gap to fill to 2121.
Above 2242 we could see some recovery up to 2272/82. Watch for sellers here but if we break higher we can go on to 2313/18. This looks likely to cap today but stops on shorts needed above 2331 for 2338 and possibly 2364/74. Enter shorts again here.
We are over sold in the short term but there is still selling pressure and so little chance of a bounce just yet and below 6579/68 today
we should see the market heading to the next main target and support. This is seen with 55 and 100 day moving averages at 6540/25 and then good longer term Fibonacci support at 6497. With the market oversold a good chance of this area holding today but stops on longs here needed below 6470.
Resistance on a bounce is seen at 6695/6715 but above 6735 we could continue higher for 6772 and possibly as far as 6808. Attempt shorts with stops above 6835 for another selling opportunity at 6883/98.
Eurostoxx was unable to hold 2277/67 support and was weaker than expected.
The market is looking oversold in the short term and also on the daily charts but there is still some downside room before a bounce.
We could see the market trade down as far as 2189/85 today. Buy here again looking for a very significant bounce, with stops below 2160. If this level fails we should see 2136 and then a gap to fill to 2121.
Above 2242 we could see some recovery up to 2272/82. Watch for sellers here but if we break higher we can go on to 2313/18. This looks likely to cap today but stops on shorts needed above 2331 for 2338 and possibly 2364/74. Enter shorts again here.
Dax opened higher and bounced through to 6731 just in font of 6733/36 resistance .....Close was
strong...but below 6695...and this area needs to be cleared before further strength ensues....
Short term 60 min indicators still look for a move lower...but we are conflicting with med term indicators which call for a move higher....so the safest way to play this is to buy into short term weakness any point down to 6585/78...adding to 6865/62 and keeping stops below 6560....
Now if we break 6736 we will not see an corrective pullback...we will see the market trade higher with 6771 then 6834 as your immediate targeted area.. We would advise covering all longs in this vicinity.... we would go back into longs above 6840 as 6880/97 would then look to entice this market
higher.... This is the 61.8% short term Fib and therefore will offer good resistance and encourage sellers back into the market....thus all logs to be covered just prior this resistance band.
Eurostoxx saw oversold indicators kick in yesterday....and this should not be surprising given the drop from the previous session...which then saw a close back above the med term 61.8 Fib level.. This was the key that correction would take place...and we traded higher... The close yesterday was right on the 61.8 fib level of 2268...and this area will determine direction today...
If we open below here we will trade lower initially...But we have med term indicators turning positive for this market...therefore we are looking to buy weakness...
I do not see this trading below 2231 and any weakness to here should be bought looking for a corrective rally...We would hold longs unless below 2225...
We hold 2268 on the open and we move towards 2313. Here we cover...Go back into longs above 2317 for 2345.
strong...but below 6695...and this area needs to be cleared before further strength ensues....
Short term 60 min indicators still look for a move lower...but we are conflicting with med term indicators which call for a move higher....so the safest way to play this is to buy into short term weakness any point down to 6585/78...adding to 6865/62 and keeping stops below 6560....
Now if we break 6736 we will not see an corrective pullback...we will see the market trade higher with 6771 then 6834 as your immediate targeted area.. We would advise covering all longs in this vicinity.... we would go back into longs above 6840 as 6880/97 would then look to entice this market
higher.... This is the 61.8% short term Fib and therefore will offer good resistance and encourage sellers back into the market....thus all logs to be covered just prior this resistance band.
Eurostoxx saw oversold indicators kick in yesterday....and this should not be surprising given the drop from the previous session...which then saw a close back above the med term 61.8 Fib level.. This was the key that correction would take place...and we traded higher... The close yesterday was right on the 61.8 fib level of 2268...and this area will determine direction today...
If we open below here we will trade lower initially...But we have med term indicators turning positive for this market...therefore we are looking to buy weakness...
I do not see this trading below 2231 and any weakness to here should be bought looking for a corrective rally...We would hold longs unless below 2225...
We hold 2268 on the open and we move towards 2313. Here we cover...Go back into longs above 2317 for 2345.
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