dax daily outlook for friday 30 jan further potential push up above 10650 support 127822015

What happened yesterday The German 30 Index (proxy for the DAX) has managed to push higher as expected and broke above the 10750 short-term range […]


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By :  ,  Financial Analyst
January 30, 2015 12:03 PM
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By :  ,  Financial Analyst

DAX (1 hour)-daily forecast 30 Jan 2015What happened yesterday

The German 30 Index (proxy for the DAX) has managed to push higher as expected and broke above the 10750 short-term range top resistance. Please click on this link for more details on our previous daily outlook.

Key elements

  • The short-term Stochastic oscillator has dipped into the “extreme” oversold level.
  • The lower boundary of the short-term ascending channel (in orange) in place since 15 January 2015 now stands at 10650.
  • The 10960/11000 is a Fibonacci cluster.

Key levels

Intermediate support: 10750

Pivot (key support): 10650

Resistance: 10850 & 10960/11000

Next support: 10520/10500 & 10200

Conclusion

We have tightened the daily pivotal support to 10650 for a potential further push up towards 10850 before 10960/11000.

On the other hand, failure to hold above 10650 is likely to see a slide towards 10520/10500. Only a clear break below 10500 may trigger a deeper decline towards the next support at 10200.

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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