dax risk of a minor pull back before new potential upleg 1840852017
Short-term Technical Outlook (Wed, 04 Jan 2016) (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) has started […]
Short-term Technical Outlook (Wed, 04 Jan 2016) (Click to enlarge charts) What happened earlier/yesterday The Germany 30 Index (proxy for the DAX futures) has started […]
The Germany 30 Index (proxy for the DAX futures) has started to consolidate after a bullish breakout that occurred on Monday, 02 January 2016 reinforced by a positive German manufacturing PMI reading of 55.6 for December.
Please click on this link for a recap on our latest weekly technical outlook/strategy published yesterday.
Key elements
Intermediate support: 11525
Pivot (key support): 11480
Resistances: 11700 & 11800
Next support: 11360
Short-term technical elements remain positive but the Index may see a pull-back first towards the 11525 intermediate support before another potential upleg materialises to target the next resistances at 11700 before 11800.
However, failure to hold above the 11480 short-term pivotal support is likely to invalidate the bullish breakout for a deeper slide towards the next support at 11360.
Charts are from City Index Advantage TraderPro
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