Technical forecast for 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.