Technical forecast for Dax

Dax Sep13 broke 8415/25 to reach the next target of 8437/42 & topped exactly here. We have an upward sloping trend line at 8455 today then August highs at 8464 so this is the band that will determine direction in to the end of the week. A break higher cannot be ruled out and could target 8487 before 8530. Above here we meet this year’s high at 8561.

Below 8432 could see a test of support at 8397/94. Watch for a bounce from here but if we continue lower we have a gap to fill at 8373 with Fibonacci support at 8367 so we can use this area as a buying opportunity with stops below 8360 for 8342.