SUPPORT: 8181.5 8137.5 8132.5pp 8099.5 8085.5* 8061.5 8051.5 8035 7980.5 7953.5*
RESISTANCE: 8236 8248 8267 8303 8341 8388 8411/14 8446.5 8491.5 8530
Dax has gapped up on the open yesterday morning, leaving us with a gap from 8085.50 to 8137.5 and as we know markets do not like gaps.. However the hourly stochastics are bullish, the 240 mins and the daily’s are more or less neutral and the weekly’s are bearish. We are still in a downward trend and still have the gap to fill so we are sellers for choice.
We have support from the short term 38.2% fib at 8181.5, attempt shorts on a clear break as we will be heading to the start of the gap at 8137.5 which coincides with the pivot point at 8132.5 and then on to the short term 23.6% fib at 8099.5. A break here will take us lower to fill the gap at 8085.5 cover shorts here…
To the upside we have our first resistance at 8236 daily downward trend line if not already short attempt shorts here with a stop above the short term 50% fib at 8248 this is the short term 23.6% fib, if we do trade higher gains will be capped at 8267 this is the downward trend line evident on the hourly charts.
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