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Dec 03, 2016

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Market Analysis

Home » Latest News » DAX Technical Analysis for January 04, 2016

DAX Technical Analysis for January 04, 2016

Posted by FXTimes in Latest News - January 4th, 2016 8:11 am GMT

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The 4H chart view presented here is indicating that DAX might have completed the minimum requirement for a corrective rally that had begun from 10100 levels earlier. Another possibility is that the indice may form a lower top around 11000/100 levels before finally reversing lower. In both the above counts, it is preferred to sell rallies from current levels. Please note that downside extensions could exceed below 9000 levels in the coming weeks. Immediate resistance is seen at 11000/100 levels, while support is seen at 10600 levels followed by 10400 and lower respectively. A break below 10400 levels would accelerate downside towards fresh swing lows. Also, the RSI has reversed from 65 levels and is trading at 46 now, which is supporting bearish stance.

Trading recommendations:

Short 50% now and remaining at 11100 levels, stop at 11300, target below 9000.

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