DAX – Daily Tenkan-sen holds n/t consolidation for now; caution on overbought daily conditions
|DAX
Dax continues to trade in choppy and directionless near-term mode, with consolidation being supported by sideways-moving daily Tenkan-sen line (11525) which contained several downside attempts. While the latter is holding, we can expect prolonged sideways trade with upside to remain in focus. Sustained break above strong barriers at 11648/11671 (03 Jan high / 06 Aug 2015 peak) would open way for fresh bullish extension towards 11804 (20 July 2015 peak). Caution on daily RSI that attempting to reverse from overbought territory. Firm break below 11525 would be seen as initial negative signal for easing towards next pivot at 11400 higher base).
Res: 11600; 11630; 11648; 11700
Sup: 11525; 11485; 11460; 11400
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