dax daily outlook for wed 28 jan potential recovery above 1052010500 support 118022015

What happened yesterday The German 30 Index (proxy for the DAX) has declined and almost hit our target at 10520 as expected (managed to meet […]

What happened yesterday

The German 30 Index (proxy for the DAX) has declined and almost hit our target at 10520 as expected (managed to meet the first target at 10700). Please click on this link for more details on our previous daily outlook.

Key elements

Current price action is just above the 10520 support which confluences closely with the lower boundary of the short-term ascending channel (in orange) in place since 15 January 2015, 100-period Moving Average and 23.6% Fibonacci retracement from 15 January 2015 low to 26 January 2015 high.
The short-term RSI oscillator has turned up from its “extreme” oversold level.
10960/11000 is the upper boundary of the short-term ascending channel (in orange) which also corresponds closely with a Fibonacci cluster.

Key levels

Pivot (key support): 10520/10500

Resistance: 10850 & 10960/11000

Next support: 10200

Conclusion

The setback for the Index appears to be over and as long as the daily pivotal support at 10520/10500 holds, the Index is likely to resume its bullish trend towards the 26 January 2015 swing high at 10850 before 10960/11000.

On the other hand, failure to hold above 10520/10500 may see the continuation of the setback 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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