Technical forecast for Dax

dax2

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.

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