chart of the day dax back at range support for potential push up 2693972017
Short-term technical outlook on DAX (Fri, 23 Jun 2017) (Click to enlarge charts) What happened earlier/yesterday After it printed a new all-time of 12955 on […]
Short-term technical outlook on DAX (Fri, 23 Jun 2017) (Click to enlarge charts) What happened earlier/yesterday After it printed a new all-time of 12955 on […]
After it printed a new all-time of 12955 on Tues 20 June, the Germany 30 Index (proxy for the DAX futures) had pull-backed by 1.9% to hit a low of 12707 on 21 June. Thereafter, it traded in a tight sideway range between 12806 and 12716.
Intermediate support: 12750
Pivot (key support): 12650
Resistances: 12955/60
Next support: 12490/390
Therefore as long as the 12650 pivotal support holds, the Index may see a potential push up to target its range top/resistance at 12955/60 in the first step.
However, failure to hold the 12650 level is likely to invalidate the preferred short-term bullish bias to see another round of choppy decline towards the next support at 12490/390.
Charts are from City Index Advantage TraderPro
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