dax weekly outlook for 06 apr to 10 apr 11620 remains the support to watch 431962015
<p>Click to enlarge charts) What happened last week The German 30 Index (proxy for the DAX) has managed to hold above the 11620 weekly pivotal […]</p>
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What happened last week
The German 30 Index (proxy for the DAX) has managed to hold above the 11620 weekly pivotal support and traded sideways.
Please click on this link for more details on our last weekly outlook.
Key elements
- Price action has drifted back down towards the lower boundary of the intermediate term ascending channel (in dark blue) in place since 06 January 2015 (see daily chart).
- The intermediate term RSI oscillator is now back at its trendline support (see daily chart).
- The pull-back support of the former long-term ascending channel bullish breakout (in orange) stands at 11500/11350 which is also the 50-day Moving Average (in dark blue) (see daily chart).
- The 100-day Moving Average (in light green) and trendline support from the 16 October 2014 low (in blue) both coincides at 10600 (see daily chart).
- 12340/12400 and 12600/12700 are Fibonacci projection clusters (see daily & 4 hour charts).
- The intermediate resistance joining the highs since 20 March 2015 stands at 12100 (see 4 hour chart).
- The short-term Stochastic oscillator has dipped into the oversold region (see 4 hour).
Key levels (1 to 3 weeks)
Pivot (key support): 11620
Resistance: 12100, 12340/12400 & 12600/12700
Next support: 11500/11350 & 10600
Conclusion
11620 remains the weekly pivotal support to watch and a clearance above 12100 is likely to add impetus for a potential upside movement to target 12340/12400 before 12600/12700 (also the upper boundary of the intermediate term ascending channel in place since 06 January 2015).
On the other hand, failure to hold above 11620 may damage the bullish bias for a slide towards 11500/11350. On a clear break below 11350 is likely to trigger a medium term (multi-week) decline towards the next support at 10600.
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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