Dax: A break above 10600 meets a selling opportunity at 10850 [Video]
|DAX
Dax 30 JUNE futures
Dax we wrote: I do not think the bulls have lost control just yet & I think we can have 1 last push higher for a selling opportunity in to the end of the week. Holding 10200/150 (WE BOTTOMED EXACTLY HERE) allows a recovery to 10265/295 & 10350/390 before resistance at 10500/550. (WE ARE ABOUT 50 TICKS AWAY AS I WRITE OVER NIGHT).
Video analysis
Daily Analysis
Dax longs at 10200/150 offered almost 300 ticks profit as we approach the 10500/550 target but I think we have 1 more push higher to get all the weak shorts out before the long weekend...and before what I think will be a huge collapse. A break above 10600 meets a selling opportunity at 10850/900 with stops above the opening gap from 9th March at 11092. Just be aware that a break higher meets the next selling opportunity at 11450/550 with stops above 11700.
For today at least I think the downside will be limited. Minor support at 10360/340 & 10290/260 before strong support at 10200/150. Try longs with stops below 10050. A break lower is an important sell signal.
Trends
Weekly outlook is negative
Daily outlook is neutral
Short Term outlook is positive
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