dax daily outlook for wed 25 mar turn neutral between 12015 and 1178011850 374162015
<p>(Click to enlarge chart) What happened yesterday The German 30 Index (proxy for the DAX) has rallied from the 11780 […]</p>
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What happened yesterday
The German 30 Index (proxy for the DAX) has rallied from the 11780 daily pivotal support and almost met the expected upside target at 12070 (high of 12030).
Please click on this link for more details on our previous daily outlook.
Key elements
- Current price action is being capped below the upper limit (in brown) of an impending “Symmetrical Triangle” configuration in place since 16 March 2015 at 12015.
- The lower limit of the “Symmetrical Triangle” stands at 11850.
- The hourly Stochastic oscillator has exited from the oversold region and still has room for further upside before reaching its “extreme” overbought level.
Key levels
Resistance: 12015 & 12220
Support: 11850/11780 & 11630/11560
Conclusion
Mixed elements, turn neutral. Only a break above 12015 (upper limit of the “Symmetrical Triangle”) is likely to trigger a further potential rally to retest the 16 March 2015 swing high at 12220.
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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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