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DAX future surge points still higher

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DAX future surge points still higher

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An aggressive surge higher Friday to a new all-time high after the erratic bullish outside pattern on Thursday for a more bullish tone to leave upside for the 2nd half of January.

This has seen a push through a Fibo extension level 10240, close to next target at 10340

Short-term Outlook - Upside Risks:

  • We see a more positive tone with the bullish threat to next Fibo extension levels 10340.
  • Above here sees further Fibo targets at 10500, 10630 and 10840.

What Changes This? Below 9944 signals a neutral tone, only shifting negative below 9582.5.

Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week (but has yet to confirm the new high).

For Today: Potential for a digestion day, given the US Holiday session. However, ...

  • We see an upside bias for 10340; break here aims for 10500, maybe 10630.
  • But below 10200/180 opens risk down to 10060/50, which we would look to try to hold.

Daily DAX Future Chart


2 Hour DAX Future Chart


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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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Holiday and cessation of service: 7th-23rd August 2017

Hi Market Chartist Users and Trialists, The Market Chartist reports will be paused for just over 2 weeks, whilst we take a vacation.

The last report will be on Friday 4th August, with service resuming on Thursday 24th August.We wish you successful trading in our absence