DAX retests strong support at 11420/350 in oversold conditions. There’s a 4.5 year trend line offering further support at 11320/300 so a break below 11250 is a very important longer term sell signal. We could easily fall another 1000 points but initially we target 11140/120 then 11030/11000, perhaps as far as 10900/850.
Holding above 11400 today is more positive & allows a recovery to 11650/700 (almost hit late on Friday). A break higher targets 11800/820, perhaps as far as strong resistance at 12050/12100.
Trends
- Weekly Outlook Neutral
- Daily Outlook Negative
- Short Term Outlook Negative
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