Daily Forecast - 08 August 2014
Dax September contract
Dax held below resistance at 9190/9200 & continued lower breaking 9010. We are oversold but we did not get the recovery yesterday as I had thought. A break of yesterday's low at 8975 keeps the market under pressure & risks a slide to 8930/25, perhaps as far as March lows at 8910/09. If this does not hold the downside we risk a move towards very strong support at 8860/50. There is a very good chance this area will mark the low for the correction.
Immediate resistance at 9030/35 but above here is less negative & can target 9080/90. If we can continue higher we should reach 9130/35 then the 2 day high at 9168/73. A break higher is obviously positive & could target strong resistance at 9220/25 for a selling opportunity.
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