dax 12730 is the key resistance to watch 1852382017
Short-term Technical Outlook (Wed, 24 May 2017) (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) had managed […]
Short-term Technical Outlook (Wed, 24 May 2017) (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) had managed […]
The Germany 30 Index (proxy for the DAX futures) had managed to inch higher towards the 12700 handle (printed a high of 12705) after the release of a better than expected preliminary Germany Markit Manufacturing PMI data reading for May at 59.4 versus a consensus of 58.0. This preliminary data indicates the sharpest expansion in the manufacturing sector since April 2011.
Interestingly, the push up seen in the Index had stalled right below the predefined 12730 medium-term pivotal resistance as per highlighted in our latest weekly technical outlook report published on Monday, 22 May 2017 (click here for a recap).
Intermediate resistance: 12686
Pivot (key resistance): 12730
Supports: 12590 & 12490
Next resistance: 12877/900
The Index may shape a minor rebound first holding above 12590 and as long as the 12730 medium-term pivotal resistance is not surpassed, it is likely to see another potential downleg to target the next support at 12490 in the first step.
However, a clearance above 12730 is likely to invalidate the preferred bearish bias for a further push up to test the 12877/900 resistance zone.
Charts are from City Index Advantage TraderPro
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