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Friday, 03 October 2008 03:38:30 GMT
Written by Jamie Saettle, Senior Strategist and Ilya Spivak, Analyst
FTSE
Short - Risk 5,525 - Target 4,350
DAX
Short - Risk 6,627 - Target 4,950
CAC 40
Short - Risk 4,559 - Target 3,400
FTSE 100
Long-term Technical Outlook
It is possible that a double zigzag correction is complete but unlikely. For one, wave c of the second zigzag falls short of equality with wave a. That level would be at 4493, not far from a Fibonacci confluence at 4320-4361. Favor weakness to these mentioned levels as long as price is below 5649.
Short-Term Technical Outlook
London shares have oscillated lower in a bearish channel with the most recent tops marked by a downward sloping trend line. Prices have found near-term resistance and are extending lower, with the next level of support at the psychologically significant 480000 level.
DAX 30
Long-term Technical Outlook
As long as the DAX is below 6627, we expect a drop to challenge 5244 (June 2006 low). Long term support from Fibonacci begins at 4933 and a Fibonacci extension is at 4606.
Short-Term Technical Outlook
Similar to the FTSE 100, the German benchmark index is trading in a bearish channel and below a downward sloping near-term resistance trend line. Support is seen at the channel’s lower boundary near 56000.
CAC 40
Long-term Technical Outlook
The CAC 40 should continue lower towards the level where wave Y would equal wave W (if indeed a double zigzag decline is unfolding). This level is 3390. A bearish bias is warranted against 4559.
Short-Term Technical Outlook
Trading in line with most European exchanges, the CAC 40 is moving lower in a bearish channel. Prices found resistance and a moving lower, with near term support lining up near the 395500 mark.
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
Written by Jamie Saettle, Senior Strategist and Ilya Spivak, Analyst
FTSE
Short - Risk 5,525 - Target 4,350
DAX
Short - Risk 6,627 - Target 4,950
CAC 40
Short - Risk 4,559 - Target 3,400
FTSE 100
Long-term Technical Outlook
It is possible that a double zigzag correction is complete but unlikely. For one, wave c of the second zigzag falls short of equality with wave a. That level would be at 4493, not far from a Fibonacci confluence at 4320-4361. Favor weakness to these mentioned levels as long as price is below 5649.
Short-Term Technical Outlook
London shares have oscillated lower in a bearish channel with the most recent tops marked by a downward sloping trend line. Prices have found near-term resistance and are extending lower, with the next level of support at the psychologically significant 480000 level.
DAX 30
Long-term Technical Outlook
As long as the DAX is below 6627, we expect a drop to challenge 5244 (June 2006 low). Long term support from Fibonacci begins at 4933 and a Fibonacci extension is at 4606.
Short-Term Technical Outlook
Similar to the FTSE 100, the German benchmark index is trading in a bearish channel and below a downward sloping near-term resistance trend line. Support is seen at the channel’s lower boundary near 56000.
CAC 40
Long-term Technical Outlook
The CAC 40 should continue lower towards the level where wave Y would equal wave W (if indeed a double zigzag decline is unfolding). This level is 3390. A bearish bias is warranted against 4559.
Short-Term Technical Outlook
Trading in line with most European exchanges, the CAC 40 is moving lower in a bearish channel. Prices found resistance and a moving lower, with near term support lining up near the 395500 mark.
CFDTrading.com provides free news, trading resources, and market analysis to the trading community.
