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Market Analysis

Home » Featured » DAX Technical Analysis for December 07, 2015

DAX Technical Analysis for December 07, 2015

Posted by FXTimes in Featured - December 7th, 2015 6:57 am GMT

Chart setups:
The 4H chart view presented here reveals that DAX has broken below the immediate line of support and it is trading at 10,868 levels for now. Please note that the indice has bounced off the fibonacci 0.786 support of the rally between 10,500 and 11,400 levels respectively. The back side of trend line should provide resistance around 11,000 levels for any immediate rally from here. But bulls could be poised to remain in control till prices stay above 10,500 levels at least. Furthermore, the drop from 11,400 levels is still corrective (3 waves) and a resumption of trend remains high probability from here. Immediate support is seen at 10,500 levels, followed by 10,100 while resistance is seen at 11,300/400 levels and higher respectively. Also, the RSI has turned north from 30 levels, which is favourable to bulls for now.
Trading recommendations:
Long now, stop at 10,400, target is open.
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