ICmarkets

DAX 30: Technical outlook and review.

FX:GER30   DAX index of German listed shares
166 1 1
Weekly Timeframe: Active buying is currently being seen on the DAX             from a weekly decision-point demand area at 9126-9467. Assuming that the buyers do not lose their spirit here, we could potentially see price test the all-time high 10090.

Daily Timeframe: The daily timeframe shows that the index has now rallied for three consecutive days, with yesterday’s action showing price closing (9847) above a daily swap level seen at 9790. In the event that the buyers can hold price above this swap level, we feel there is a good chance a continuation move will be seen up towards a daily resistance zone at 10048-10007 sometime soon.

4hr Timeframe: The 4hr timeframe shows that once the market opened at 9651 yesterday, price completely ignored the 4hr supply area seen at 9678-9583, and traded directly towards another 4hr supply area coming in at 9906-9809. That being the case, for further buying to be seen up to the daily resistance zone mentioned above at 10048-10007, this area of supply will need to be consumed.

This is how we see the market moving today: price will likely see ranging action within the current 4hr supply for a few hours after the open, simply because there’s no doubt a lot of sell orders to chew through. Following this, a push higher will likely be seen above supply, this will trigger the last remaining stops, and trap any breakout buyers. Finally, we believe a sharp sell off will be seen down to the daily swap level mentioned above at 9790, which is where we’ll be looking to enter long with lower-timeframe confirmation, targeting around 10048, as per the red arrows.

Current buy/sell levels:

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

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


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