dax vulnerable for a minor bearish breakdown below 11850 2688412017
Short-term Technical Outlook (Wed, 08 Mar 2017) (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) has continued […]
Short-term Technical Outlook (Wed, 08 Mar 2017) (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) has continued […]
The Germany 30 Index (proxy for the DAX futures) has continued to inch lower after it failed to recapture the 12000 psychological level added by woes from European health care stocks. The health care sector was the worst performer yesterday as the benchmark STOXX Europe 600 Health Care Index declined by 1.05%.
Intermediate resistance: 11980
Pivot (key resistance): 12020
Supports: 11850 & 11730/700
Next resistance: 12200 (medium-term pivot)
The Index may see a minor rebound to retest the 11980 intermediate resistance and as long as the 12020 short-term pivotal resistance is not surpassed, the Index is likely to shape a bearish breakdown below the 11850 support (congestion zone from 27 Feb/28 Feb 2017) to target the next support at 11730/700.
On the other hand, a clearance above 12020 is likely to invalidate the preferred bearish tone for a squeeze up to test the 12200 medium-term pivotal resistance.
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