European market weekly technical analysis report for 15 to 19 may 2017

Ftse weekly-achieved 7385 target now heading for 7550

Ftse weekly-achieved 7385 target now heading for 7550

Ftse 100 index this week closed at 7435 with strong gains. Ftse future is in strong uptrend and after taking support at 7240, this stock future started strong rally and hit target of 7385 and now with fresh breakout above 7385 heading towards 7550 level which is its second swing target. On chart, ftse looking strong and on downside it has strong support at 7350 and then 7315 which are also fresh long entry zones on retracements. From long term view, ftse 100 continued its bull run in 2017 and with strong opening achieved 2017 targets of 7270 and 7440. Above 7440 ftse will enter super bullish rally for 2017 and will head towards targets of 7740 and then 7900 levels. Cac 40 weekly-hit 5385 target now heading for 5500 levels

Cac 40 weekly-hit 5385 target now heading for 5500 levels

Cac index this week closed with loss at 5405. Cac 40 future are in strong uptrend and with intermittent retracement and support testing index is heading higher and higher. This week achieved may swing target of 5385 and now trading above it with bullish breakout and will head towards 5500 level which will be next swing target for this French stock index. On downside 5350 and 5310 are support zones as well as fresh buying levels. From long term view, cac 40 index is in strong Bull Run and opened strong in 2017 and set rally around 4800 and hit 2017 target of 5175 and now heading for 5505 which will be next investment target for 2017. Monthly closing above 5505 means super bullish can for 2017 and next investment targets will be 6150 and 6480. Dax 30 weekly-hit 12630 target and now near 12830 target

Dax 30 weekly-hit 12630 target and now near 12830 target

Dax 30 index this week closed with flat gains at 12770. Dax 30 also in strong bullish trend and hitting fresh highs every week. Dax future opened bullish for month of May and from then given one side bullish rally and hit may swing target of 12630 and now almost near to second swing target of 12830. On downside dax future has moving support of 12700 and then 12600. Weekly closing above 12830 means super bullish dax future for targets of 13150 and then 13350. From investment view, dax 30 index is in strong bullish trend for 2017 and from 11400 low in 2017 hit investment target of 12400 and now trading above it and heading towards 13325.

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Pramod Baviskar

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