DAX: Forecast
Jason Sen | Dec 15, 2014 06:21AM ET
DAX got to within 15 ticks of our ultimate target on Friday of 200 day moving average support at 9530/9520. Outlook remains negative so if trying longs here we need a stop below a small gap at 9490. Be ready to go with a break lower to target strong Fibonacci support at 9450/45. Try longs with stops below the 100 day moving average support at 9405/00. Just be aware that a break below here is again worryingly negative. Downside pressure should increase & we could see accelerated downside movement to target 9345/35 then important longer term trend line & Fibonacci support at 9315/10. A low for the correction is very possible here so is worth trying longs with stops below 9275.
If we do manage to hold important 200 day moving average support at 9530/9520, w e should recover back up to 9620/25. Above here is more positive and we could even reach as far as 9690/9700. There is a good chance of a high for the day here and it is worth trying shorts with a stop above 9745. However on a break higher be ready to jump into longs using 9700/9690 as good support for a move to 9785/90. A break above Friday’s high at 9801 would then turn the outlook much more positive for the rest of the week.
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