Charmer Charts Dax & EuroStoxx daily technical anlaysis forecast

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Charmercharts.com daily forecasts available from 6am:

Euro Stoxx dipped to 2670 in a fairly quiet session. 2766 is a 50% retracement of the rally in early Sept so the 2670/66 will need to watch closely today. We should see more buying interest around this level today but if we cannot hold above here we could see prices tumble towards 2658/53 and then 2633 and 2613/10 below.

Any recovery will need to beat 2690/92 for a run up to 2705/08 as the next target. Resistance here may see some selling but if we break higher look for 2715/17 and perhaps even 2725/28. However there is a good chance that this resistance level will cap the upside today so be prepared for a wave of profit taking here. Only a break back above 2732 can allow further gains today with 2743 the next target to aim for.

Dax December Contract - Dax lost ground on Monday but held just above the 6115 level. Any bounce today will need to beat 6155/60 to allow a run up to 6182/86. Profit taking on short term longs is likely here but if bulls can push prices through 6193 we should see a test of 6207/10 next. If the market can make it any higher today then we could see a test of 6228/32 which should be enough on the upside for today. Any shorts positions instated here however would be looking to stop out above 6240 as this could signal a run up to 6258.

Failure at or below 6160 could signal a test of yesterday's low at 6118/15. Watch for a break below 6109 to keep the pressure to the downside with sellers looking to test support at 6087/82. This is a 50% retracement of the rally in September and as such could see some buying interest today for a bounce back. However if this level gives way sellers will remain in control for a dip towards 6067/64. Then only a break below 6052 can keep prices heading south for 6023/19 and then 5990.

 

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Charmercharts.com daily forecasts available from 6am:

Dax headed higher to the 6264/67 resistance level which held the upside. With the market over bought in the short term we may see some profit taking initially today to 6240. A move below 6233 could then keep the market drifting lower towards 6221 where buyers may wish to attempt longs. However is this level does not hold then we should see a test of 6207/05 for a buying opportunity today with buyers may be wanting to add to longs down to 6190 as there is a chance of a low for the day here today. Stops would be needed on any longs below 6182 as this could signal further losses to 6172/68.

If the market can make a break above 6267/71 then bulls will disregard the over bought indicators as they push on for 6303/05. Some profit taking is likely here but if we can break higher again we could well be on our way to the September highs at 6349 which could well be enough on the upside for today. However, if bulls are confident to push prices higher again then we could test this years high at 6391.

Euro Stoxx headed a lot higher to the 2767 resistance level which held the upside. After such a good run yesterday the market is clearly over bought in the short term so if we remain below 2767 look for corrective pressure back to 2751/47 and perhaps as far as 2734/32. This should see some short covering as bulls attempt longs and they may wish to add to longs down to 2725/23. However failure here keeps the pressure to the downside with 2712/10 the next area of support today.

A break above 2767/69 shows that bulls remain in control of the market for now with 2787/90 the next target. A break above 2801 would then be needed to allow buyers to chase the 2816/23 highs seen in September which could hold us back today. Watch for profit taking here as sellers attempt shorts in over bought conditions. However if we do break higher again then we should be on our way to visit the highs in August of 2749.

 

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Dax December Contract - Dax closed above 6303/05 which gives some scope to test 6332 today before the September highs at 6349. So for today we need to see prices hold above 6303/05 once again for a test of 6332/38. Then a break above September highs of 6349 would be needed to test this years high at 6391. This should be too tough to beat today so watch for profit taking as sellers attempt shorts. Only a break above 6301 sees stops on those shorts activated for a run towards 6356/63.

Below 6288, there is support in the 6264/50 band and then again below at 6242/35 but below 6233 we could see 6213/10. f this fails with a break below 6205 there is scope for a test of 6191 and then 6182 which should be enough on the downside oday and therefore buyers may wish to attempt longs here. It is only below 6170 that stops on those longs could be needed as the market could then sink further to good support at 6140/36 today.

Euro Stoxx covered no new ground as we bottomed at the first support of 2755/52 on Friday, to leave the outlook unchanged for today. We still need to break that trend line today to set the market up for the next leg higher. Only a break and a close above 2801 today will at last free the upside and allow buyers to chase the 2816/23 highs seen in September which could hold us back just for today. Watch for profit taking here as sellers attempt shorts for a quick turn. However if we do break higher again then we should be on our way to visit the highs in August of 2849 as your next target.

2755/52 is again your first support level to watch for today and it held the low on Friday. If this fails with a break below 2746/44 we should see 2735/32 with scope for a test of 2716. This should be a good chance for buyers to attempt longs with stops below 2708 as this could lead the market down to 2694/90 as the next target.

 

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CharmerCharts.com daily forecasts:

Dax December Contract- Dax will need to test 6332 today with a break higher to challenge the September highs at 6349.

Then a break above September highs of 6349 would be needed to test this years high at 6391. This should be too tough to beat today so watch for profit taking as sellers attempt shorts. Only a break above 6301 sees stops on those shorts activated for a run towards 6356/63.

Below 6288, there is support in the 6264/50 band and then again below at 6242/35 but below 6233 we could see 6213/10. If this fails with a break below 6205 there is scope for a test of 6191 and then 6182 which should be enough on the downside today and therefore buyers may wish to attempt longs here. It is only below 6170 that stops on those longs could be needed as the market could then sink further to good support at 6140/36 today.

Euro Stoxx will still need to break that trend line today to set the market up for the next leg higher. Only a break and a close above 2801 today will at last free the upside and allow buyers to chase the 2816/23 highs seen in September which could hold us back just for today. Watch for profit taking here as sellers attempt shorts for a quick turn. However if we do break higher again then we should be on our way to visit the highs in August of 2849 as your next target.

2755/52 is again your first support level to watch for today and it held the low on Friday. If this fails with a break below 2746/44 we should see 2735/32 with scope for a test of 2716. This should be a good chance for buyers to attempt longs with stops below 2708 as this could lead the market down to 2694/90 as the next target.

 

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DAX:

Dax broke the previous day’s low at 7366 but held above 7350.


Below here today look for 7316/09 which could be a good buying opportunity. Stops on longs needed below 7290 however as we fill the small gap to 7280. This may not be the end of the move lower and we could see selling pressure down to 7261 and perhaps even 7244.


A recovery today targets 7425 and then 7456/60. If we make it higher look for 7500/05 with scope for Friday’s high at 7516/20. Look for 7550 above and then a retest of 7579. If this does not hold the market back today we could see a squeeze up to 7610/24 for a selling opportunity. This was last Monday’s high and will be a tricky obstacle today.

EuroStoxx:

Eurostoxx was unable to beat 2920/25 as we tumbled back to the 2943 support which held the slide.


An open below 2860/56 suggests a retest of the 2843 support this morning. Failure here then targets solid support and a buying opportunity at 2827/24 today. Watch for a low here so cover shorts and attempt longs but below 2811 we have a gap to fill down to 2794 with excellent support at 2787 so cover remaining shorts and attempt longs in this band.


Above 2860 we are back in to last week’s range so it is possible we will crawl back up to 2900/10. Above here we are looking for 2820/25. Cover longs and try shorts up to 2933/35 today but stops needed above 2940 which then allows further gains to 2952/58 which we are unlikely to beat today. However, go with a break higher if we see it for the weeks high so far at 2975/80

 

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