Technical forecast for Dax

dax4

Dax Sep13 has a small bearish double top in place which helped push us lower than expected & broke good support at 8323. Below 8338/28 today sees a retest of yesterday’s low at 8308 with support at down to 8300. However a break lower today is likely & should target 8265/60. A bounce from here is very possible but any longs need stops below 8240 for 8217/13. If we continue lower look for good support at 8160/55 for a buying opportunity.

Resistance at 8385/90 should hold the topside but a break higher could target yesterday’s high at 8424. Above here a gap to fill at 8454 for a selling opportunity.

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