Dax Sep13 unexpectedly headed higher and broke our upper resistance to reach 8019. We are establishing a range in what looks like a continuation pattern. This indicates we will eventually break lower but in the mean time the upper parameters of the range are 8035/45. Only a break above here is positive & should reach 8076 & then fill the gap up to 8131.
Below 7950 is more negative & could see 7900/90. Any longs here need stops below 7870 as this risks a test of Fibonacci support at 7807 but a break lower targets short term trend line support at 7770/65. If we cannot bounce from here we should test last week’s low at 7731 with the 200 day moving average just below at 7720 so a low for the day with in this band is likely.