dax daily outlook for tues 05 may risk of a pull back towards 1149011445 before another round of pot
<p>(Click to enlarge chart) What happened yesterday The German 30 Index (proxy for the DAX) has recovered and met our expected upside target at 11635/11700. […]</p>
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What happened yesterday
The German 30 Index (proxy for the DAX) has recovered and met our expected upside target at 11635/11700.
Please click on this link to recap our last daily outlook.
Key elements
- The hourly Stochastic oscillator still has some room for downside potential before reaching its “extreme” oversold level.
- The 11490/11445 support zone also corresponds closely with the 61.8% Fibonacci retracement from the recent upmove from 30 April 2015 low to 04 May 2015 high.
Key levels
Intermediate support: 11490/11445
Pivot (key support): 11340
Resistance: 11670 & 12050
Next support: 11190 (weekly pivot)
Conclusion
Below the 11670 intermediate resistance, the Index faces the risk of a pull-back first towards the 11490/11450 intermediate support zone first before another potential upside movement occurs to target 12050 next.
On the other hand, failure to hold above the 11340 daily pivotal support may see another slide to test the weekly pivotal support at 11190.
Disclaimer
The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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