Technical forecast for Dax

dax

Dax Sep13 dipped to 8284/81 & bottomed exactly here then raced higher towards 8382/87 & topped just below. There is a potential short term head & shoulders forming with a neck line at 8240 so watch this level this week. A break lower would give us a measured target of 8062.

Immediate resistance at 8382/87 & we should struggle here again but shorts need stops above trend line resistance at 8410. A break higher would negate the head & shoulders pattern & target 8437/42 before August highs at 8464.

Support at 8284/81 could hold the downside but longs need stops below 8267 for 8251 then last week’s low at 8231.

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