Technical forecast for Eurostoxx

stoxx2

Euro Stoxx Sep13 offered a selling opportunity at this year’s high at 2845/49 with stops on shorts above 2860. We topped at 2853 but today’s outlook remains quite positive so a break above 2853 cannot be ruled out and could target 2883/93. We are drastically overbought so watch for a high for the day here. However be aware that a break higher could target 2919/23.

Below 2837 is less positive & could trigger a drift lower to 2824/22. We then have trend line support at 2719/17 so a low for the day is likely in this area. However a break lower could target 2806/02. Just be aware that a close below the trend line would be a short term negative in to the end of the week.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More