dax daily outlook for 20 jan watch support at 10190 for a potential push up 88372015

  What happened yesterday The German 30 Index (proxy for the DAX) has traded sideways above the 10190 daily pivotal support. Please click on this […]


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By :  ,  Financial Analyst
January 21, 2015 10:46 AM
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By :  ,  Financial Analyst

DAX (1 hour)-daily forecast-21 Jan 2015

 

What happened yesterday

The German 30 Index (proxy for the DAX) has traded sideways above the 10190 daily pivotal support. Please click on this link to review yesterday’s outlook.

Key elements

  • Based on Elliot Wave (fractal approach), the Index has evolved into a “Symmetrical Triangle”-wave 4 configuration since the 19 January 2015 high.
  • Current price action is now trading close to the apex of the “Symmetrical Triangle” which suggests a potential bullish breakout is round the corner to resume its multi-week bullish trend.
  • The Stochastic oscillator has dipped and it is coming close to its oversold region.
  • 10370 is the 1.1618 Fibonacci projection (for wave 3) from 19 January 2015 low.

Key levels

Pivot (key support): 10190

Resistance: 10370 & 10580

Next support: 10100 & 10040

Conclusion

As long as the 10190 daily pivotal support holds, the German 30 Index (proxy for the DAX) is likely to see a push up to test 10370. A break above 10370 may open up scope to target the key Fibonacci projection at 10580

On the other hand, a break below 10260 may negate the bullish tone for a slide towards 10100 before the weekly pivotal support at 10040.

Disclaimer

The information contained in this material is intended for general circulation only.  It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs.  Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.  All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.

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