dax daily outlook for wed 04 feb target met turn neutral between 11000 and 10800 151762015
<p>What happened yesteday The German 30 Index (proxy for the DAX) has rallied and met the lower limit of our expected target at 10960/11000. Please […]</p>
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What happened yesteday
The German 30 Index (proxy for the DAX) has rallied and met the lower limit of our expected target at 10960/11000. Please click on this link for more details on our previous daily outlook.
Key elements
- Price action is at the 10960/11000 Fibonacci cluster.
- Price action still remains above the 10800 short-term pull-back support (in light green).
- The hourly Stochastic oscillator has flashed a bearish divergence signal at the overbought region.
Key levels
Resistance: 11000 & 11250
Support: 10800 & 10550
Conclusion
Expected target has been met. We turn neutral for now due to mixed elements. Only a break below 10800 is likely to trigger an intermediate term decline towards the next support at 105550 in the first instance.
On the other hand, a clear break above 11000 may see a further push up towards 11250.
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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