Daily Forecast - 18 August 2015
Dax September contract
Dax bears appear to remain in control at this stage BUT we have not closed below the 200 day moving average at 10,935. We are oversold & this offers some encouragement for bulls. Holding above here this morning targets minor resistance at 11,000/11,010 & we should struggle here initially. Be ready to buy a break above here if not already long however to target 11,080 then resistance at 11,120. Try shorts with stops at 11,160. Target 1@11,080, T2@11,030. However be ready to buy a break above 11,160 to target 11,200/215 then a gap to fill at 11,262. Exit longs & try shorts from here up to resistance at 11,275.
Failure to beat first resistance at 11,000/11,010 is more negative & triggers a move towards 10,905/10,895. A break below 10,860 targets 10,810/800. A close below 11,860 adds pressure this week to target 10,730/725 & July lows at 10,660/650.
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