dax daily outlook wed 06 jan 2016 maintain bullish bias above 1012010050 medium term support 1791862

(Click to enlarge charts) What happened yesterday The Germany 30 Index (proxy for the DAX) has plummeted below the 10250 short-term pivotal support but managed […]

(Click to enlarge charts)

What happened yesterday

The Germany 30 Index (proxy for the DAX) has plummeted below the 10250 short-term pivotal support but managed to hold above the key medium-term support at 10120/10050.

Please click on this link for a recap on our previous daily outlook/strategy.

Key elements

Current price action is now hovering above the 10120/10050 key medium-term support as per highlighted in our latest weekly outlook/strategy (click here for more details).
The hourly (short-term) RSI oscillator has tested and managed to hold above its trendline support near its oversold region.
The intermediate resistance to watch is now at 10400 which is the minor swing high seen yesterday during the European session.

Key levels (1 to 3 days)

Pivot (key support): 10120/10050

Resistance: 10400

Next support: 9750

Conclusion

As long as the 10120/10050 key medium-term pivotal support holds, the Index may a potential push up to target the intermediate resistance at 10400 in the first instance.

On the flipside, a break below 10050 is likely to invalidate our preferred recovery scenario for a deeper decline towards the next support at 9750 (long-term trendline support that has linked the higher lows since 11 September 2011).

Disclaimer

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