Technical forecast for Dax

Dax dipped towards good Fibonacci support at 8292 & as expected we got bounce from here as we bottomed at 8298. Resistance at 8412/25 held the bounce unsurprisingly & could do again today with the outlook still negative but a break higher targets 8441/51 & a high for the day possible. If however we get a Friday squeeze higher look for 8476/80 & a break higher from here could test this week’s high at 8530.

Immediate support is 8380/75 then 8353/47. Failure here could see a retest of support at 8298/92 & a low for the day possible again. However we certainly cannot rule out a break lower so we need tight stops on any longs below last week’s low of 8260. Next target 8235 & possibly 8217/10.