Futures Outlook For Wednesday: FTSE, DAX, Eurostoxx

FTSE June Contract

Ftse continued with gains yesterday and once above 3753 the buyers took over and thrust this higher with 3915 seen as the high. As to be expected profit taking and sellers came in at the highs to give the market a breathing space. Now your first support this morning is at 3861. Buyers will be loitering around this point looking to re-enter the market.

However there is good resistance at 3900/3920 and sellers will once more appear to try and halt the advance. If however 3925 breaks, you will see buyers take control and 3945/55 will entice.

You will find profit taking around here thus this resistance should hold first attempt. Buyers will be ready however to re-instate above 3955 for 3980.

As stated support is at 3861. If a loss is posted below here buyers will stand to one side and selling pressure will thrust this lower with 3925/22 as the first target. Sellers should be covering here and would only reinstate shorts below 3820 for 3809.

Support

3865

3825/22

3809

3777/71

3756

3741

3722*

3698

Resistance

3900

3920

3945/55

3980**

4002

4029/34

4073/77

4098/4100

Today’s Pivot Points

4007

3937

3845

3775

3683

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

3861

3833

3807

3781

3752

LONGER TERM DAILY FIB LEVELS

3660

3775

3878

3980

4099

YESTERDAY’S PRICE ACTION

High : 3915

Low : 3753

Close : 3868

Dax June Contract

Dax reacted well yesterday and clawed back to the short term 50% retracement target at 4143. Sellers were out at these levels and the market came slightly lower on the close.

Today there is support at 4080. If sellers manage to push this lower through here look for 4063/52. Profit taking and fresh buyers should enter at this point , thus giving it a bit of support.

Below 4052 however will see the sellers ready and waiting to move this lower with 4038 to 4026 your first objective. Once more sellers should be covering to these lower levels. Buyers would also enter at this point thus act accordingly.

Buyers would only worry below 4012 for 3995/92.

On the topside resistance is available from the short term fib level of 4143. If the market makes a break above 4145 buyers will take on the market and lead it higher for 4162/72. Profit taking should halt advance, but if above 4172 look once more for 4180.

Support

4080

4063/52

4038

4026

3995/92

3976

3964*

3935

Resistance

4097.5

4115

4129

4142/45

4153

4167/72

4182

4197

Today’s Pivot Points

4221

4158.5

4080

4017

3939

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

4059

4103

4143

4182

4226.5

LONGER TERM DAILY FIB LEVELS

3867

4012

4142

4272

4418

YESTERDAY’S PRICE ACTION

High : 4142.5

Low : 4001.5

Close : 4096

Eurostoxx June Contract

Eurostxx bounced higher, but was contained by short term 50% fib level of 2014 at 2018. You have seen the market ease from these highs, but the close was on good support and the open then this morning will determine direction.

1992 holding gives confidence to buyers and you should see another attack on the 2014/2018 resistance,. Profit taking and fresh sellers should cap initial advance.

However any move beyond 2026 gap should be viewed by buyers as excellent opportunity to re-establish position and advances should be made to 2036 then 2050. At 2050 would expect sellers to put a lid on it in the short term.

1992 breaking however sees sellers grabbing opportunity to move lower with 1970/67 the immediate attraction. Here short covering will be seen. Cautious buyers should emerge, but nervously watching 1965 as a break below here should trigger another wave of selling with 1952 your first target.

Support

1992

1882

1970/67*

1952

1920

1912/10

1893

1860

Resistance

2014/18

2022/26

2033

2050

2071

2092/99**

2107

2126/34**

Today’s Pivot Points

2063

2027

1982

1946

1901

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

1967

1992

2014

2036

LONGER TERM DAILY FIB LEVELS

1915

1994

2066

2137

YESTERDAY’S PRICE ACTION

High : 2018

Low : 1937

Close : 1992

Subscribe by RSS Subscribe by Email