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Market Analysis

Home » Featured » DAX Technical Analysis for December 23, 2015

DAX Technical Analysis for December 23, 2015

Posted by FXTimes in Featured - December 23rd, 2015 8:07 am GMT

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Chart setups:
The DAX had dropped to 10100 levels earlier and reversed, as per expectations on the possible wave counts. Please remember that 10100 was the fibonacci 0.618 support of the entire rally between 9300 through 11400 levels respectively. Hence bulls are expected to remain in control till prices stay above 10100 mark. The pair has again bounced from 10400 levels, which is again a fibonacci support, and prices are expected to reach at least 11100/200 levels if not further. Immediate support is seen at 10400 levels, followed by 10100, while resistance is seen through 11000 and 11400 levels respectively. Furthermore, the RSI has held 40 levels and has turned north, which is encouraging for the bulls for now.
Trading recommendations:
Long now, stop at 10200, target 11100.
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