dax daily outlook for wed 18 mar 11960 remains the support to watch 338722015
<p>(Click to enlarge chart) What happened yesterday The German 30 Index (proxy for the DAX) has drifted lower, challenged but managed to hold above the […]</p>
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What happened yesterday
The German 30 Index (proxy for the DAX) has drifted lower, challenged but managed to hold above the 11960 daily pivotal support.
Please click on this link for more details on our previous daily outlook.
Key elements
- The pull-back support of the upper boundary of the former intermediate term ascending channel (in brown) in place since 10 February 2015 is at 11960.
- The short-term trendline support joining the lows since 10 March 2015 is also at 11960.
- The hourly RSI oscillator has managed to stage a rebound from its support.
Key levels
Pivot (key support): 11960
Resistance: 12220 & 12340
Next support: 11850
Conclusion
11960 remains the daily pivotal support to watch for a possible recovery towards 12220 before targeting 12340.
On the other hand, a clear break below 11960 is likely to damage the intermediate term bullish trend for a decline towards the next support at 11850 in the first instance.
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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