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Technical forecast for Dax

By () · August 12, 2013 · Comments Off on Technical forecast for Dax
Indices · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

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.

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