DAX: 2022 Bear Trend Resumes
2022.11.03 06:01
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40 December futures hit my targets of 13370/380 and 13450/500 with a high for the day exactly here before prices collapsed to 13123.
December reversed from the 7190/7200 targeting minor support at 7170/50 then strong support at 7110/7090 with a low for the day exactly here. Longs need stops below 7070.
Today’s Analysis
DAX December broke the 3 week rising trend line, from the October recovery – a counter trend move. So it is likely that the 2022 bear trend has resumed. However best support at 13150/100 today. Holding here allows a recovery to first resistance at 13250/350. Shorts need stops above 13400.
First support at 13150/100 but longs need stops below 13050. A break lower targets second 12950/900. A break below 12850 is a medium term sell signal and confirms the resumption of the bear trend. A weekly close below tomorrow night is further confirmation of course.
FTSE December a low for the day exactly at strong support at 7110/7090. Longs need stops below 7070. A break lower is a sell signal targeting 7030/20 then 6970/60.
Longs at strong support at 7110/7090 can target 7180/90.
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