DAX-30 technical outlook on September 19, 2014

The trend is up on all time frames, with DAX now targeting its all-time high (10.050). The 9.800 resistance has now turned into support. Other support @ 9.750 and 9.680. Next resistance at 9.900. In the very short term the market was quite overbought and we saw some correction from 9.890 earlier today. 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, continuous:

DAX_20140919_blog

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

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