Technical forecast for Energy Futures

FTSE hit the upper target of 6340 & topped at 6356. We have formed a downward sloping channel over the past 2 weeks & this is the upper limit. We also have a potential head & shoulders top to monitor. We look for profit taking today down to 6324 then 6304. We should bounce from here but a break targets 6288 then better support at 6272.

6356 could hold again if tested but a break higher would target 6373. Good chance of a high here but if we push on then 6387 & a retest of 6397 is likely. We should fail here to form a bearish double top.

Dax headed higher as expected to the 7725 resistance & topped out exactly here. If we push on today look for 7758 & a possible selling opportunity but if this does not hold look for 7804 as the next target.

Below 7690/80 look for 7652. Below here we can see 7625/50 then 7587 & lows for the week at 7564

EuroStoxx bounced as expected to 2628 which was predicted to be the limit & the high was 2831. We could see a drift lower today to 2612 then better support at 2603. A break below 2690 then targets 2562/56 lows.

2628/32 remains tricky resistance but if reach as far as 2645 this should be a good chance to enter or add to shorts. Stops above 2657.

S&P headed higher but smashed through 1508 which was unexpected. We have reached 1519 & a 1 week trend line. If this continues to hold as we look very overbought in the short term, look for 1510 & then 1505 below. A break of 1500 then targets good support at 1496 & a good chance of a low for the day. However a break of 1489 could then signal a retest of 1482 lows. A break of 1480 targets 1475/73 & if we continue lower through 1470 look for 1460/57.

A push through 1520 should see us challenge Monday’s high at 1524/25. Good chance we top out here again but if we break higher we could expect a retest of 1529/30 highs where we look for a double top pattern. However a close above here negates the recent bearish signals & puts bulls firmly back in control.