dax daily outlook for tues 14 apr further potential decline towards 1222012170 469812015
<p>(Click to enlarge chart) What happened yesterday The German 30 Index (proxy for the DAX) has tested and managed to react off the 12400 resistance […]</p>
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What happened yesterday
The German 30 Index (proxy for the DAX) has tested and managed to react off the 12400 resistance as expected. Please click on this link for more details on our latest weekly outlook.
Key elements
- The 12400 level coincides with a Fibonacci projection cluster.
- The hourly Stochastic is now at its “extreme” overbought level.
- The lower boundary (support) of the medium term ascending channel (in dark blue) in place since 06 January 2015 stands at 12220/12170.
- The 12220/12170 support also corresponds closely with the 38.2% Fibonacci retracement from 01 April 2015 low to 13 April 2015 high.
Key levels
Pivot (key resistance): 12400
Support: 12220/12170
Next resistance: 12600/12700
Conclusion
As long as the 12400 daily pivotal resistance is not surpassed, the Index faces the risk of a further short-term decline to test the 12220/12170 support.
On the other hand, a clearance above 12400 is likely to negate the short-term pull-back scenario for a further potential rally to target the next significant resistance at 12600/12700.
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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