SUPPORT: 8089 8061.5 8051.5 8035 7980.5 7953.5* 7874 7835 7815/12 7753
RESISTANCE: 8116.5 8152 8185.5 8216pp 8224 8282 8303pp 8341 8388 8411/14
Yesterday Dax gapped up on the open and made a high of 8249.5 before trading down during the day and making a low of 8100.5 and closing there. We have now formed a bear triangle on the 60 mins charts, the first measured move is 46.5 ticks (the width of the triangle) from the point of break out and the second move is 73 ticks.
We have support on the hourly chart at 8089 this was a good level on the way up, attempt shorts on a clear break. A break here will take us lower to the downward trend line evident on the hourly chart at 8061.5 which concurs with the 55 day MA at 8051.5, then our next level comes from the a previous low which we broke up from at 8035. Below here there is not much in the way of support until we reach the med term 38.2% fib level at 7953.5 this is also the daily downward trend line and coincides with our measured move, cover shorts here.
To the upside we have the topside of the triangle as resistance at 8116.5 a break here will take us to the short term 23.6% fib level at 8152.. If we do manage to trade higher gains will be capped at 8185.5 the med term 23.6% fib.
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