Technical forecast for Dax

dax

Dax headed higher as hoped all the way to our upper target & resistance at 8264/74 topping out exactly here. However we then sold off sharply & could test support at 8162 today. If we fall as far as 8120/10 this should offer a good buying opportunity with a low for the day expected.

Above 8193 is more positive with the daily chart quite bullish. Be ready to go with a move through 8210 looking for 8243/49, possibly a retest of resistance at 8264/74. We should struggle here again with the short term chart looking quite overbought. However be ready to go with a break higher for 8330/40. Use this area as a selling opportunity with stops above 8360.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More