dax daily outlook for fri 03 jul within range configuration between 1117011290 and 11010 790472015
<p>(Click to enlarge charts) What happened yesterday The German 30 Index (proxy for the DAX) has drifted slightly lower and came close to the short-term […]</p>
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What happened yesterday
The German 30 Index (proxy for the DAX) has drifted slightly lower and came close to the short-term trendline support at 10980.
Please click on this link for a recap on our previous daily outlook.
Key elements
- Since 29 June 2015 high @9pm, the Index is evolving within a short-term range liked configuration with upper (horizontal resistance-red) and lower (the trendline support-green) boundaries at 11290 and 11010 respectively (see 1 hour chart).
- The short-term trendline resistance joining the highs since 01 July 2015 high @10pm is capping the Index below 11170 (see 1 hour chart).
- The hourly Stochastic oscillator still has some room for further upside potential before reaching its extreme overbought level (see 1 hour chart).
Key levels
Intermediate resistance: 11170
Pivot (key resistance): 11290
Support: 11010, 10800 & 10600
Next resistance: 11380 (weekly pivot) & 11620
Conclusion
The Index is likely to see a minor push up towards the intermediate resistance at 11170 with a maximum limit set at the 11290 daily pivotal resistance (range top) before a decline occurs to retest the range’s trendline support at 11010.
However, failure to hold below 11290 is likely to negate the expected bearish tone for a test on the 11380 weekly pivotal resistance (pleas click on this link for more details on our latest weekly outlook). Only a clear break above 11380 may see a further push up to target the next resistance at 11620.
Disclaimer
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