Dax: Break Is Seen As Positive
Jason Sen | Apr 22, 2014 08:47AM ET
Dax held support at 9305/9295 and shot higher towards the 9495/9500 target but topped at 9484. Above 9484 therefore meets strong resistance at 9495/9500 in a short term overbought market and we should struggle here, but a break is seen as positive for this week. We should then target 9550/60 and above 9570 maintains the positive outlook for a move towards Fibonacci resistance at 9595/9605. There is a good chance of a high for the day here but shorts need stops above 9635.
Failure to beat 9484 triggers profit taking down to 9430/25. A good chance of a break higher on the first test but a break lower offers a buying opportunity at 9395/90. Exit shorts and try longs with stops below 9370.
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