Dax is currently just below 11,900. The red dotted lines represents levels of potential rebound starting with 11,850 and 11,800.
Buy entries with tight SL can be attractive from here or from the area below the red lines, with a profit target of approximately 100 points until 12,000 or higher at 12,100-200.
The colored box is an area the index can range within for this and next week.
If there are further declines then 11,650 which is the 200-day average can be a stronger support.
The German index is on an uptrend since January but enjoys the occasional pullback of 400-500 points. The latest drop from the yearly highs of 12,400 is the third such pullback (about 600 points).
It's good for a rebound but should be monitored in case the red dotted lines are broken decisively.
Regardless, the 11,800-12,000 area is very critical for the medium/long-term performance of the Dax.
Buy entries with tight SL can be attractive from here or from the area below the red lines, with a profit target of approximately 100 points until 12,000 or higher at 12,100-200.
The colored box is an area the index can range within for this and next week.
If there are further declines then 11,650 which is the 200-day average can be a stronger support.
The German index is on an uptrend since January but enjoys the occasional pullback of 400-500 points. The latest drop from the yearly highs of 12,400 is the third such pullback (about 600 points).
It's good for a rebound but should be monitored in case the red dotted lines are broken decisively.
Regardless, the 11,800-12,000 area is very critical for the medium/long-term performance of the Dax.