Dax: Best buying opportunity at 12380
|Dax
Dax 30 September futures NOT starting a new bull phase as predicted & remains in a summer sideways trend. HOWEVER unfortunately shorts at 12610/640 were stopped above 12660 before we collapsed from 12695. Longs at first support at 12490/470 with stops below 12440 also did not work as we bounced from 12430.
Daily Analysis
Dax I am going to stick with a first resistance level of 12610/640. Holding here re-targets 12530/520 & first support at 12460/430 but the best buying opportunity should be at 12380/350, with stops below 12310. A break lower is a sell signal seeing 12350/380 act as resistance to target 12230/210 for profit taking on shorts. First resistance at 12610/640 but shorts need stops above 12660. A break higher re-targets 12700/710 (which unexpectedly held yesterday) & 12770/780 before a retest of 12830/835. Further gains retest key resistance at the June high at 12925/935.
Trends
Weekly outlook is positive.
Daily outlook is neutral.
Short Term outlook is neutral.
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