dax daily outlook for tues 19 may bullish breakout as expected eyeing 1205012120 next 630442015
<p> (Click to enlarge charts) Key elements The German 30 Index (proxy for the DAX) has broken above the upper boundary of the […]</p>
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(Click to enlarge charts)
Key elements
- The German 30 Index (proxy for the DAX) has broken above the upper boundary of the former descending channel (in dotted red) since 12 April 2015 high now turns pull-back support at 11570.
- The next resistance will be at 12050/12120 which also corresponds with the 1.1618 Fibonacci projection from 07 May 2015 low to 14 May 2015 low.
- The short-term Stochastic oscillator has reached its extreme overbought level which highlights the risk of an imminent short-term pull-back in price action of the Index.
Key levels
Pivot (key support): 11640/11570
Resistance: 12050/12150
Next support: 11378
Conclusion
Any potential pull-back in price action should hold above the 11640/11570 daily pivotal support before another potential upleg to target 12050/12150 next.
However, a break below 11570 may invalidate the bullish tone for a slide to retest the next support at 11378.
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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