dax weekly outlook 21 sep to 25 sep expect a potential retest on the key 96009320 support 1363072015
(Click to enlarge charts) What happened last week The German 30 Index (proxy for the DAX) has tried again to set up an assault […]
(Click to enlarge charts) What happened last week The German 30 Index (proxy for the DAX) has tried again to set up an assault […]
(Click to enlarge charts)
The German 30 Index (proxy for the DAX) has tried again to set up an assault on the 10320 upside trigger level but failed to make any breakthrough on the third attempt on 18 September 2015. Interestingly, it tumbled severely by 4% within two days as the U.S. central bank, Fed maintained its overnight Fed Funds policy interest rate at 0.25% since December 2008.
Please click on this link for a review on our previous weekly outlook.
Intermediate resistance: 10080/10118
Pivot (key resistance): 10320
Support: 9600/9320
Next resistance: 10650
Technical elements are suggesting a retest on the significant support zone of 9600/9320 seen on 24 August 2015, “Black Monday”. However, do expect a short-term rebound first towards the intermediate resistance zone of 10080/10118 before the potential final down leg materialised to retest the 9600/9320 support zone.
On the flipside, failure to hold below the 10320 weekly pivotal resistance may negate the bearish tone to see a push up towards the next resistance at 10650.
Source: Charts are from eSignal & City Index Advantage Trader
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