DAX: Must Again Hold Above 11.950/960 To Maintain Recovery
Jason Sen | Apr 22, 2015 02:03AM ET
DAX June must again hold above 11,950/960 to maintain the recovery & re-target 12,040/045 then resistance at 12,125/135. This is the main challenge for bulls today, but shorts need stops above 12,160. Be ready to go with a break higher using 12,125 as support to target 12,205/215. Any further gains meet trend line resistance at 12,280/290 for a selling opportunity at with stops above 12,320.
Below 11,950 is more negative for today & risks a slide to 11,890 then good support at 11,850/840. Try longs with stops 11,810. A break lower adds pressure however & targets 11,775. If we continue lower look for a retest of this weeks low at 11,718 & a gap to fill at 17,710. Last week's low & trend line support at late March lows at 11,665/650 is the last line of defence this week. A break lower would be an added negative signal & could see us quickly target 11,610/605 & perhaps as far as support at 11,520/510.
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