Charmer Charts FTSE daily technical analysis forecast

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Charmer Charts FTSE report:

We wrote ‘‘5569 is the level bulls will want to test but this should be a good area to take any profits and perhaps see sellers attempt shorts.’’ This did indeed mark the high for the day as we plunged below 5453/48 to bottom at 5434.
For today we will need to get back above 5506 to challenge 5523/25. Confident sellers will be looking to activate shorts here with stops above 5535 as this could allow a jump to 5543/48 for another selling opportunity. There is a good chance of a high for the market here today but if we do break higher look for 5570/79 to attract.
The first support level is seen at 5480/77 but a break below 5470/68 signals a test of 5448 before yesterday’s lows at 5434. Short covering could be advisable here again but a break lower will have sellers jumping back in for a ride down to 5404. This could well be enough on the downside for today so again short covering could be wise as brave buyers attempt longs for a quick turn.

 

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CharmerCharts.com FTSE forecast (Available from 7am UK time):

FTSE managed to head higher as hoped but broke above 5579 to hit 5597. The market is oversold in the short term but any profit taking should find support at 5558 today. This could hold so watch for short covering as bulls attempt longs. Stops below 5550 however keeps corrective pressure down to 5535/33 for a buying opportunity.

A break above 5597 keeps bulls in control for a test of last week's highs at 5616. This should be a difficult obstacle and a good selling opportunity but if we break higher look for 5653/65 today.

 

[CharmerCharts]

FTSE broke our stop level of 5550, but only dipped to 5545, so this will be the level to watch out for on the downside today.
If this breaks today we should see corrective pressure down to 5535/33 for a buying opportunity. A good bounce from here is very possible but tight stops would be needed as a break lower suggests a test of 5517/14 for short covering.
Sellers will however look to keep the market under pressure on a break lower towards 5496 as the next target on the downside for today Buyers will need to push prices back above 5575 in order to relieve downside pressure. This should lead to a test of Friday’s high at 5597. A break above 5597 then keeps bulls in control for a test of last week’s highs at 5616. This should be a difficult obstacle and a good selling opportunity but if we break higher look for 5653/65 today.

 

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Our forecasts are available from 6am.

FTSE pushed through 5597 but failed below our selling opportunity at last week's highs of 5616.

5565/75 is the target to beat today for another attempt at 5606/16. Again this should be a difficult obstacle and a good selling opportunity. However if we break higher this will free the bulls at last for the next leg higher with 5653/65 the initial target. If this resistance does not hold the market back then we could be on our way to 5716/20 as the next stop.

Failure at 5575 could see the market head lower again and below 5535 risks a slide to 5514/12 and then decent support at 5496. A break below 5482 then signals further losses to 5470/69 with 5453 and 5435 the levels to watch for.

 

[CharmerCharts]

Today's CharmerCharts.com forecast:

FTSE headed lower to our support at 5514, bouncing at 5516, and then shot through 5616 to reach the 5634 resistance level which held the upside as we plunged lower again, but still we manage to hold above the trend line, giving hope for an eventual break higher.

If we remain below 5535 this morning we could see a slide to the 5514/12 support level which held yesterday. If this fails today look for 5496 initially with a break below 5482 to signal further losses towards 5470/69 with 5453 and 5435 the levels to watch for underneath.

5565/75 is the target to beat today for another attempt at 5606/16. If we break higher we should test yesterday's high at 5634/37 resistance with a move above here then to target 5653/65. If this resistance does not hold the market back then we could be on our way to 5716/20 as the next stop.

 

[CharmerCharts]

Today's Charmer Charts.com forecast (available from 6am)

FTSE Dec Contract
FTSE saw a narrow range as the market bottomed at our 5514/12 support level.
If this fails today look for 5496 initially with a break below 5482 to signal further losses towards 5470/69 with 5453 and 5435 the levels to watch for underneath.
5565/75 is the target to beat today for another attempt at 5606/16. If we break higher we should test last week’s high at 5634/37 resistance with a move above here then to target 5653/65. If this resistance does not hold the market back then we could be on our way to 5716/20 as the next stop.

 

[CharmerCharts]

Charmercharts.com daily forecasts available from 6am:

FTSE Dec Contract - FTSE saw a narrow range as the market bottomed at our 5514/12 support level. If this fails today look for 5496 initially with a break below 5482 to signal further losses towards 5470/69 with 5453 and 5435 the levels to watch for underneath. 5565/75 is the target to beat today for another attempt at 5606/16. If we break higher we should test last week's high at 5634/37 resistance with a move above here then to target 5653/65. If this resistance does not hold the market back then we could be on our way to 5716/20 as the next stop.

 

[CharmerCharts]

Charmercharts.com daily forecasts available from 6am:

FTSE roared higher to hit the 5653 target which capped the rally nicely. With the market over bought in the short term we could see some profit taking down to 5623 initially with scope for 5608/06 below. Here we could see short covering as buyers attempt longs and they may wish to add to positions down to 5592. However stops would be needed below here as this could keep the market sliding towards 5578/76.

Bulls are in a confident mood having broken above the recent range and they may disregard the over bought conditions. A break above 5653/65 would confirm continued strength and we could then be on our way to 5716/20 as the next stop. This could be enough to entice profit taking today so there is a good chance of a high for the day here but do not rule out a break higher to 5761 as the next target. If this does not hold us back then it is a short hop to the April highs at 5797.

 

[CharmerCharts]

FTSE Dec Contract - FTSE took a tumble to 5581 and then staged a recovery to 5659 on the close. Bulls will be looking to challenge the 5688 resistance for a run up to 5716/20. This could be enough to entice profit taking today but the market should be able to continue it's uptrend so do not rule out a break higher with 5761 as the next target. If this does not hold us back then it is a short hop to the April highs at 5797.

Support seen today at 5634/28 once again but below here we could see a test of 5615/08. A break below 5598/92 would then target 5581/5576 on the way to 5566 for a buying opportunity.

 

[CharmerCharts]

CharmerCharts.com daily forecasts:

FTSE Dec Contract
FTSE is below support seen today at 5634/28 and ready to test 5615/08. A break below 5598/92 would then target 5581/5576 on the way to 5566 for a buying opportunity. However any further losses today could target 5533 and perhaps 5513.
Only back above 5658 will allow a challenge of the 5688 resistance and a break higher again for a run up to 5716/20.
This could be enough to entice profit taking today but the market should be able to continue it’s uptrend so do not rule out a break higher with 5761 as the next target. If this does not hold us back then it is a short hop to the April highs at 5797.

 

[CharmerCharts]

FTSE shot higher to over run the 5738 resistance and hit 5742.
We have closed right on the highs which may allow for further gains today with 5761 as the next target. Now this market is becoming severely over bought at present in all time frames. Bear in mind that we are approaching the year’s highs at 5797 and it looks like we should run out of steam before too long. It should be difficult for the market to break those highs and any failure on the approach leaves a large double topping pattern evident which can pressure the market significantly lower in the coming days and weeks. Only a clear break and close above 5800 can keep the rally alive.
Any pull back today sees 5721/19 but there is good support in the 2709/02 band so watch for buyers here. Stops below 5697 however keeps profit takers pressuring the market down to 5688 on the way to 5677/73 which should hold the market today.

 

[CharmerCharts]

Euro Stoxx finally broke 2801 and stopped at 2842, just short of the August highs.
So bulls will need to challenge the 2842/49 resistance area today. Any shorts instated here will need stops above 2856 as this could lead to 2866 and then 2875/79. If we make it above 2883/86 look for sellers at 2895 which should be tough to beat.
With the market over bought we may be unable to make it through 2842/49 and below 2816/14 could see a test of good support at 2800/99. We should see some buying interest here but if this level fails then look for 2788/87 which could mark the low for today. If we do however break lower then 2774 should offer an excellent buying opportunity today.

Dax December Contract
Dax shot higher as hoped to reach 6466, just below the important 6470/73 resistance, which held the upside.
The market is now looking severely over bought in short and longer time frames. 6470 is the 61.8% retracement of the collapse we saw from late 2007 to the bottom in early 2009 and this therefore should offer very tough resistance. Look for sellers therefore in the 6456/70 range with a good chance of a top in the market here. Only a clear break and close above 6488 would keep the rally alive now. This should then give us a new target of 6566 on the upside.
Below 6429 sees profit taking down to 6410/05 which could hold for a while at least. If this fails however look for 6387 before good support and a buying opportunity at 6376/68. This could be enough profit taking today so look for a bounce from here but if we do break lower then it is unlikely we can fall much further than 6348/41.

 

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Today's CharmerCharts.com FTSE forecast attached.

 

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Today's CharmerCharts.com FTSE daily forecast (available from 6am BST) is attached.

 

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Charmer Charts FTSE daily technical analysis forecast now ready.

 

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Today's report attached.

 

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Today's FTSE futures report attached.

 

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Today's FTSE report attached.

 

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