DAX Technical Analysis for December 16, 2015
Posted by FXTimes in Featured - December 16th, 2015 6:49 am GMT
The 4H view presented here indicates a clean uptrend cycle between 9300 and 11400 levels. It has been retraced to its fibonacci 0.618 support at 10130 levels yesterday and DAX has bounced off 400 points higher now. This is evidence enough that the indice might have turned into buy the dips now. Also note that the past resistance turned support region also falls around the 10130 levels. Furthermore, the counter trend line has been broken and would act as support for any dips towards 10300 levels from here. Immediate support is seen around 10300 levels, followed by 10250 and lower while resistance is seen through 10700 levels, followed by 11000 and higher respectively. RSI has also turned sharply higher from 30 levels which is complementing the bullish setup going ahead.
Go long around 10300, stop at 10000, take profit 10700, 11000, 11500 and 12200.