7 May 2015
Dax: 11,375 key for direction – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas gives the technical outlook and key upside and downside levels for Dax June contract.
Key Quotes
“Dax managed quite a positive close above 11,300 so bulls should not give up hope of a recovery just yet.”
“We will need to beat 11,375 to target the first resistance at 11,440/450. We should struggle here today but a break above yesterday's high of 11,475.5 is a positive signal and could drive us higher to the next resistance at 11,525/535. A high for the day possible here but shorts need a stop above 11,570.”
“Be ready to go with a break higher to target 11,660/670 before the next resistance level at 11,700/710. A push above 11,730 would then be required to retest this week's high at 11,771.”
“Failure to beat 11,375 keeps the market under pressure risking a dip back to 11,300/290. From here down to yesterday's low at 11,252 is still good support. It should be worth trying longs with a stop below 11,220.”
“However a break lower means bulls have lost their chance of a recovery. Look for 11,195 and 11,165/160. A bounce from here possible but further losses target 11,090/11,070 & perhaps as far as good support at 11,020/10,990.”
Key Quotes
“Dax managed quite a positive close above 11,300 so bulls should not give up hope of a recovery just yet.”
“We will need to beat 11,375 to target the first resistance at 11,440/450. We should struggle here today but a break above yesterday's high of 11,475.5 is a positive signal and could drive us higher to the next resistance at 11,525/535. A high for the day possible here but shorts need a stop above 11,570.”
“Be ready to go with a break higher to target 11,660/670 before the next resistance level at 11,700/710. A push above 11,730 would then be required to retest this week's high at 11,771.”
“Failure to beat 11,375 keeps the market under pressure risking a dip back to 11,300/290. From here down to yesterday's low at 11,252 is still good support. It should be worth trying longs with a stop below 11,220.”
“However a break lower means bulls have lost their chance of a recovery. Look for 11,195 and 11,165/160. A bounce from here possible but further losses target 11,090/11,070 & perhaps as far as good support at 11,020/10,990.”