Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

DAX: A Bounce Can Target 12380/400

Published 10/10/2022, 03:40 AM
Updated 07/09/2023, 06:31 AM
UK100
-
DE40
-

DAX 40 December futures broke support at 12500/450 to hit my next target of 12280/240.

DAX hourly chart.

FTSE 100 December shorts at key resistance at 7085/7100 worked perfectly on the collapse back to the first support at 7035/15, but we continued lower to the strong support at 6985/65.

A low for the day on Thursday and Friday here.

FTSE Hourly Chart

Remember, when support is broken, it usually acts as resistance and vice-versa.

Today's Analysis

DAX December broke support at 12500/450 to hit my next target of 12280/240. A break below 12400 is a sell signal targeting 12050/12000. Further losses retest the low at 11850/830.

A bounce can target 12380/400. If we continue higher, look for resistance at 12500/530. 

FTSE December collapsed to strong support at 6985/65, with a low for the day again here. A break below 6950 risks a slide to 6920/10, perhaps as far as 6880/60. Further losses can retest 6820/00.

Key resistance is at 7085/7100. Shorts need stops above 7130 and a break higher targets 7200.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.