Forex Analysis:DAX Immediate Resistance Seen Around 13500

Bottom line: DAX long term structure continues to remain bearish against 13800 levels. The…

Bottom line: DAX long term structure continues to remain bearish against 13800 levels. The indice has also managed to carve a lower high at 13500 mark and ideally prices should stay lower. Bears might be preparing to resume lower towards 11600 and beyond over the next few trading sessions.

 Fundamental Outlook:

DAX has started the week on a positive note, rising over +1.38% yesterday. The indice managed to close around 12880 levels in line with most global equity markets. Dow Jones closed higher by +1.68%, while SPX500 and NASDAQ gained +1.8% and +1.91% respectively. The US Dollar Index was marginally weak (-0.38%) closing around 93.45, as risk assets soared.

Technical Analysis:

DAX seems to be preparing to turn lower again as prices stall just below 13000 mark. The indice had managed to carve a lower high around 13500 levels early September and has managed to hold. Bears remain poised to turn lower from here and push through 11600 support over the near term.

DAX had earlier dropped from 13800 through 7950 levels unfolding as an impulse wave. Ideally, an impulse would be followed by a corrective wave in the opposite direction. The indice had managed to produce a counter trend rally from 7950 through 13500 mark respectively.

Also note that the counter trend line has been broken and the indice is now trading into the sell zone keeping bears in control. Until the above resistance at 13500 and subsequently 13800 remains intact, DAX is expected to remain in control of bears and continue pushing lower.

Furthermore, the indice might unfold as another impulse wave towards 7950 levels in the next several weeks, to complete the wave structure. Most traders might be preparing to hold short positions initiated around 13500 resistance with protective stops above 13800 and target below 8000 levels respectively.

Prepared by

Harsh Japee, Technical Analyst.

 

DAX Chart

This market commentary and analysis has been prepared for AT Global Markets UK Ltd (ATFX UK) by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

 


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

 

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区,免费跟随高手做交易!

 

免责声明:本文系转载自网络,如有侵犯,请联系我们立即删除,另:本文仅代表作者个人观点,与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权,非商业转载请注明出处。

本文来自网络,不代表迈投财经立场,转载请注明出处:https://www.myfxtop.cn/analysis/31309.html

为您推荐

联系我们

联系我们

在线咨询: QQ交谈

邮箱: myfxtop@hotmail.com

9:30 - 18:00/Mon-Fri
返回顶部