???FTSE 100 once more targets the 8,000 mark
??On Wednesday the FTSE 100 rejected the 8,000 mark and slipped to Thursday’s 7,886 low before heading back up again. While 7,886 underpins, the 8,017 early April high will remain in sight.
?Minor support above 7,886 is seen around Wednesday’s 7,915 low.
Retail trader data shows 27.75% of traders are net-long with the ratio of traders short to long at 2.60 to 1. The number of traders net long is 7.66% higher than yesterday and 13.72% lower than last week, while the number of traders net short is 7.11% lower than yesterday and 7.92% higher than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests FTSE 100prices may continue to rise.
of clients arenet long. of clients arenet short.| Change in | Longs | Shorts | OI |
| Daily | -36% | 17% | 0% |
| Weekly | -30% | 16% | 3% |
? ?DAX 40 regains lost ground
?The DAX 40 found support slightly below the October-to-April uptrend line and then formed a potentially bullish hammer on the daily candlestick chart. However, this will only be confirmed on a rise and daily chart close above Thursday’s high at 18,111. If so, the medium-term advance should continue.
?Slips may find support around Wednesday’s low at 17,975 ahead of Thursday’s trough at 17,861.
Our Q2 Technical and Fundamental Equity Guides are now available to download
?
?Nasdaq 100 rallies
?The Nasdaq 100’s strong recovery from Thursday’s low at 17,862, made marginally below Friday’s low at 17,866, on strong gains by several of the so called ‘magnificent seven’ stocks is approaching resistance at the 18,368 to 18,369 late March to early April highs, above which beckons the March record high at 18,466 as the US earnings season kicks off.
?Slips should find support around the 9 April high at 18,213.
Source https://www.dailyfx.com/analysis/ftse-100-dax-40-and-nasdaq-100-regain-lost-ground-20240412.html
 |
"Simply a Must Read for Every Serious Forex Beginner" Available at Amazon Now also for Kindle
|
