ICmarkets

DAX 30: Technical outlook and review.

FX:GER30   DAX index of German listed shares
197 0 2
Weekly Timeframe: There is clear buying interest being seen around a weekly decision-point demand area (9126-9467) at the moment. In the event that the buyers continue with this tempo, we feel that there’s a good chance price may attack the 10048 level once more.

Daily Timeframe: Yesterday saw the DAX             witness a further increase in value, consequently closing for the day just above a major daily swap level visible at 9790, and as a result likely clearing the path north for prices to test a minor daily swap level seen at 9896. This level now remains a key obstacle to a move towards the daily resistance zone seen above at 10048-10007.

4hr Timeframe: Like the daily timeframe , the 4hr timeframe shows much the same thing, only in more detail. Price positively closed above 9790 (daily swap level) and now has to contend with potential selling opposition from a messy area of supply (green circle), which is effectively the same area as the aforementioned minor daily swap level.

The spike seen marked with a blue arrow at 9872 informs us that supply could indeed be weak here which adds extra weight to a potential move north.

With all of the above taken into consideration, we’d be comfortable buying with lower-timeframe confirmation around the 9800 mark just above 9790, targeting the 4hr resistance level above at 10038 (seen within the aforementioned daily resistance zone). Of course, this is all NFP result dependent. A break below 9790 on the other hand would effectively remove the metaphorical floor from below the DAX             and likely see price plummet down towards a trendline support level (8351 – 16/10/14).

Current buy/sell levels:

• Buy orders: 9800 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).


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