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Market Analysis

Home » Featured » DAX Technical Analysis for December 10, 2015

DAX Technical Analysis for December 10, 2015

Posted by FXTimes in Featured - December 10th, 2015 5:23 am GMT

Chart setups:
The 4H chart view presented here indicates of a potential rally from current levels through 11,000 levels at least. Please note that the indice has broken below the immediate support trend line and is now testing the interim support line around 10600-10700 levels. Also note that the drop from 11400-500 levels has unfolded in 5 waves, breaking initial support at 10600 levels; hence at least a corrective rally (3 waves) can be expected from current levels. Immediate support is seen around 10100 levels while resistance is seen around 11100 levels respectively. The RSI is also seen holding 30 levels well till now, hence short term rallies can be expected to unfold from current levels. The correction is expected to stall around 11000 levels and then expected to reverse.
Trading recommendations:
Long now, stop at 10500, target 11000.
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