While perusing the European stock charts on Friday’s closing prices post I mentioned that there looked to be some half decent technical short opportunities presenting themselves. That moment may be close at hand.
The FTSE and DAX are of most interest to me from the technical aspect and I’ve taken a short in both which I’ll add to further closer to the big level tops.
The FTSE is the one I’m most eager on as it looks to test the top level that’s been in place for a year.
FTSE daily 12 05 2014
The highs come in around the 6880’s and I’ll be happy to hold up to 6900 where a break will see me bail and maybe turn long.
DAX daily 12 05 2014
The DAX broke the short term April/May pattern to the upside and I’ve sold just below today’s high and the 2014 resistance line which comes in at 9700. Again I may let this run up to 9800 before jumping out if it goes.
It’s purely a technical trade off the levels and the risk is that European stocks may think they are going to see some easy ECB money coming their way and so could take off.
