Dax 30, 03 Sep 2012

EUREX:DY1!   DAX Index
180 0 0
DAX             30 daily timeframe price action is showing a recent pullback from the 7105.43 high. The price action lost the support at 20 Period SMA and it is currently retesting the same level as a newly formed resistance. Indicators like MACD and Stoch are pulling back from Overbought levels and RSI is still positioned at almost neutral. Any further downside will be supported at 6700 which is 50 period SMA followed by 6499 level which is 200 Period SMA and also 50 % Fib Retracement from June 2012 low to August high. Alternatively only a convincing break through the current high of 7105.43 and a Daily close above that level, could call for a Bullish scenario possibility which is represented in blue.
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