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FOOTSIE     May 16 2011 (Stephan)

Author Message ▼ Last message
Stephan     posted : 16/05/11   09:14 am


member  
By Francis Bray
A DOW JONES NEWSWIRES COLUMNLONDON (Dow Jones)--Rolling 24-hour chart levels:

Index Futures: FTSE 100 E-STOXX DAX 30 CAC 40
Jun Jun Jun May
Previous Close 5907.5 2857.0 7383.0 3983.5
3 Day Trend Bearish Bearish Bearish Bearish
Weekly Trend Bullish Bullish Bullish Bullish
3rd Resistance 6024.0 2903.0 7486.0 4037.0
2nd Resistance 5984.5 2887.0 7456.5 4017.0
1st Resistance 5955.0 2867.0 7427.5 3990.5
Pivot* 5920.3 2871.7 7419.7 3992.3
1st Support 5869.0 2843.0 7356.5 3955.0
2nd Support 5855.0 2813.0 7309.0 3942.5
3rd Support 5809.0 2800.0 7262.5 3921.0Intraday FTSE 100: There is likely to be bear pressure on neckline support at 5855.0, as the setback off 5984.5 looks to extend. This neckline is expected to break, to complete the four-week bearish head-and-shoulders top pattern and expose the 5770.0/5779.0 support area initially, incorporating the 50% Fibonacci retracement level of the 5458.5/6095.0 rally. However, loss of 5855.0 would also create longer-term scope for the pattern's measured objective at 5595.0. Corrective strength will struggle above 5955.0, and only a move above Friday's high at 5984.5 would question the bearish outlook.

Weekly chart FTSE 100 trend: Bullish.

Intraday EURO STOXX 50: Fresh three-week lows are expected to challenge the 2800.0 support area, following Friday's setback. A push below 2843.0 would attract further bear pressure towards downside targets at 2813.0 and 2800.0, and there is scope for a 1.618 Fibonacci extension target at 2792.0. Corrective upside risk is limited by congestion between 2903.0 and 2887.0.

Weekly chart EURO STOXX 50 trend: Bullish.

Intraday DAX 30: Bears are in control of the short term, and have the May 11 reaction low at 7309.0 in their sights. Testing support at 7262.5 is the near-term objective, but there is scope for a deeper setback towards the 7175.0 area on concerted weakness. Projected resistance lies at 7427.5, protecting 7456.5.

Weekly chart DAX 30 trend: Bullish.

Intraday CAC 40: Another wave of bear pressure is expected to challenge support at 3955.0. Friday's bearish engulfing candle suggests a break below 3955.0 is likely, exposing the May 5 reaction low at 3942.5, and projected support at 3921.0. Failure to hold 3921.0 would turn the short term negative, and prompt further weakness to 3895.0. Regaining ground above 4017.0 is required to lift the tone, but upside risk is limited.

Weekly chart CAC 40 trend: Bullish.

* The pivot is the sum of the high, low and close divided by 3.

For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"

By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249 begin_of_the_skype_highlighting +44 (0)207 842 9249 end_of_the_skype_highlighting; francis.bray@dowjones.com

Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey.

Data provided by CQG International Ltd.

This is a financial news and information service. It is provided in general terms and does not take account of or address any individual user's position. To the extent that this article includes suggestions as to various possible investment strategies which users might consider, it does so in only general terms without reference to the personal factors which should determine any user's investment decisions. Nothing contained in this service constitutes personalized investment advice. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors shall not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article. This article does not constitute or form part of any invitation or inducement to buy or sell any security.

TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkBackEurope@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.

-0-TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackEurope@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments

(END) Dow Jones Newswires

May 16, 2011 02:14 ET (06:14 GMT)


Elodie     posted : 31/05/11   09:29 am


member  
Intraday FTSE 100: A push higher towards 6006.0 and 6024.0 is expected, following last week's significant bull hammer candle. Last week's low at 5778.0 has become a potential bear failure low, and confirmation is now required on a break above the May 11 lower high at 6024.0. The 76.4% Fibonacci retracement level of the 6095.0/5778.0 bear wave also lies close to 6024.0, and a fresh wave of bull pressure is needed to force a break higher towards the May 3 contract high at 6095.0. Good support lies at 5895.0, and only below there would question the bullish outlook.

Weekly chart FTSE 100 trend: Range.


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