DAX-30 technical outlook on September 18, 2014

The trend is up on all time frames again, with DAX being just 3% below its all-time high (10.050). There is good support @ 9.700, 9680, 9.660, 9.600 and 9.570, as well as the uptrend line that starts from the August lows. There is resistance @ 9.800 (September high) and then 9.880. The two-week consolidation between 9.600 and 9.800 has helped the market work out short-term overbought conditions created during the second half of August. ECB’s dovish talk and loose monetary policy speak for a continuation of the upmove and maybe a re-visit of the all-time highs in the next weeks. The daily trend would deteriorate with a daily close below 9.600.

DAX-30, December futures, daily chart:
DAX_20140918_blog

Chart courtesy of investing.com. http://investing.com

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