DAX upside threats intact

Intermediate

A Friday dip below 12061.5 support and then a firm rebound from 12047.5 to sustain upside forces from the entire June recovery rally and keep risks higher Monday.

The June push above 12123.5 set an intermediate-term range seen as 11595 to 12318.5, BUT with risks now for a bullish shift.

For Today:

  • We see an upside bias for 12179.5; break here aims at 12224/246 maybe key resistance at 12318.5.
  • But below 12047.5 and 12027.5 opens risk down to 11964.

Intermediate-term Range Breakout Parameters: Range seen as 11595 to 12318.5.

  • Upside Risks: Above 12318.5 sets an intermediate-term bull trend to aim for 12463.5, 12586 and 12873.
  • Downside Risks: Below 11595 sees an intermediate-term bear trend to target 11285, 11000/10900 and 10701.5.

Resistance and Support:

12179.5 12224/246** 12318.5*** 12337 12463.5**
12047.5/27.5* 11964* 11895/883** 11805 117095**

 4 Hour DAX Chart

dax

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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