DAX Break Above 13050 Is A Buy Signal; FTSE Faces Resistance At 7110

2022.10.21 07:32

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December futures hovered from just below resistance at 12900/950 to retest first support at 12750/700, but over ran to 12644.

DAX Daily Chart

December still holding first support at 6910/6890 with a low for the day exactly here.

FTSE Daily Chart

Today’s Analysis

DAX December tests first support at 12750/700. Longs here can target 12810/830 (a high for the day here in fact yesterday), perhaps as far as resistance at 12900/950. Shorts need stops above 13050. Be ready to buy a break above here targeting 13200/250.

First support at 12750/700 as predicted. Longs need stops below 12650. A break lower is a sell signal for today targeting 12600 and probably as far as support at 12500/450 for profit taking on shorts.

FTSE December tests first support at 6910/6890 but longs need stops below 6870. A break lower can target 6800/6780. Below 6760 can retest 6720/10.

Longs at first support at 6910/6890 can target 6950 before a retest of first resistance at 7000/7020. Shorts need stops above 7040. Be ready to buy a break above 7040 targeting strong resistance at 7110/20.

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