Technical Forecast for Dax

Dax held above immediate support at 7816 & rocketed higher yet again to reach very strong resistance at 7930/40 which we suggested should be an excellent selling opportunity. We topped at 7933 in fact after an incredible 6.5% gain in just 5 days. We now look for profit taking to set in and a move back to 7875/65. Below here we could test good support at 7825/15. We look for a low for the day here to exit remaining shorts & perhaps try small longs with stops below 7790

for 7749/39.

 

7930/40 remains strong resistance & we could expect to top out here again today but we need stops on shorts above 7970 for 7988 then 8025, possibly even 8044/47. Above here we hit this year’s high at 8077.