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Market Analysis

Home » Featured » DAX Technical Analysis for November 25, 2015

DAX Technical Analysis for November 25, 2015

Posted by FXTimes in Featured - November 25th, 2015 4:10 am GMT

1
Chart setup:
A 4H chart view has been presented to review the current wave count presented by DAX in recent trading sessions. To keep things simple, the indice has made a higher high at 11160/70 levels, keeping the interim trend intact on the higher side. Bulls should broadly remain in control till prices remain above 10500 levels from here on. The indice is seen to be currently trading around 10960 levels, which is also its fibonacci 0.382 support and the past resistance turned support zone. According to the above wave count, it is quite possible for the counter to extend its rally from current levels. But ideally it is the 10800 levels (for long entries) where fibonacci 0.618 support is seen, and also the interim trend line support passing through. Immediate interim resistance is seen around 11200 levels, while support is seen through 10500 levels respectively. The RSI has also turned from just above the 30 levels, which is encouraging to the bulls.
Trading recommendations:
Look to go long around 10780-10800 levels, stop at 10500, target is open.
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