Technical forecast for Dax

dax

Dax Dec13 broke all time highs at 9197 & reached 9235/40 but fell just 8 points short of the next target of 9265. We dipped to Friday’s high & Fibonacci support at 9192. Watch this level today as a break lower cannot be ruled out & could target 9155/52. This should hold the downside but longs need stops below 9120 for a buying opportunity at 9085/75.

If we hold 9192/90 we could see 9240 & perhaps a retest of 9257. Go with a break above 9265 & look for 9285/88, possibly 9297/9303.

Weekly outlook: All time highs at 9197. Only a close above here continues the bull run.

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