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DAX future corrects, but bull bias for 9352.5, maybe 9523.5 this week

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DAX future corrects, but bull bias for 9352.5, maybe 9523.5 this week

German benchmark upside threats intact

·         A more notable dip to close the aggressive Friday bull gap (9217-9160), but a bounce from ahead of the tentative trend line support, now at 9142, from 9147.5, leaves leave upside pressures intact.

·         Moreover, the Friday push above 9305 and 9352.5 retracement and chart resistance indicated a still higher bias this week.

·         We still aim up to chart targets at 9352.5, 9416 and 9523.5 through midweek.

·         Overshoot threat for early November is to the retrace level at 9565 and maybe even a key peak at 9725.

WHAT CHANGES THIS?

·         Below 8950 eases bull risks; through 8898 signals a neutral tone, only shifting negative below 8817.

Download full report, levels & screencast here: http://members.marketchartist.com/Daily/DAX.pdf

 4 Hour DAX December Future Chart

 

 

 

 b2ap3_thumbnail_dax1.png

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Tagged in: DAX equities Europe FUTURES

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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