dax daily outlook wed 15 sep potential push up within complex range configuration 1304692015

(Click to enlarge chart) Key elements Since the 28 August 2015 high, the Germany 30 Index (proxy for the DAX) has started to evolve within […]


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By :  ,  Financial Analyst

DAX (1 hour)_15 Sep 2015(Click to enlarge chart)

Key elements

  • Since the 28 August 2015 high, the Germany 30 Index (proxy for the DAX) has started to evolve within an ascending complex range configuration with its lower limit (support) at 10080.
  • The hourly (short-term) RSI oscillator remains above its trendline support.

Key levels (1 to 3 days)

Pivot (key support): 10080

Resistance: 10320 & 10510

Next support: 9890

Conclusion

The Index is now trading just above the lower limit of the ascending complex range configuration at 10080 which is also the weekly pivotal support (click here for more details on our latest weekly outlook).

A break above the 10320 intermediate resistance is likely to trigger a potential push up to target the recent swing high (09 September 2015) of the complex range configuration at 10510.

However, failure to hold above the 10080 pivotal support may invalidate the push up scenario for a slide to test the next support at 9890.

Disclaimer

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