dax daily outlook for wed 05 aug potential bearish countertrend movement below 1148011545 resistance
(Click to enlarge charts) Key elements Since the low of 11028 printed on 28 July 2015 @1am, the German 30 Index (proxy for the DAX) […]
(Click to enlarge charts) Key elements Since the low of 11028 printed on 28 July 2015 @1am, the German 30 Index (proxy for the DAX) […]
Intermediate resistance: 11480
Pivot (key resistance): 11545
Support: 11380/11350
Next resistance: 11625 & 11790
Short-term technical elements suggest limited upside potential at this juncture for the Index. As long as the key short-term resistance zone at 11480/11545 is not surpassed, the Index is likely to shape a potential decline to test the 11380/11350 support within a medium term (multi-week) bullish trend.
On the contrary, a break above the 11545 pivotal resistance is likely to propel the Index higher to target the next resistance at 11625 before the 20 July 2015 swing high at 11790.
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