Dax future: broad up-trend, further price extensions are expected

Dax future chart indicators indicate a broad up-trend. Further price extensions are expected.

Dax future last friday close was at 10353 (+1.36%). Marked a third consecutive positive closing. New bullish technical picture drawn on daily chart (high2 < high1, high1 < high, low2 < low1, low1 < low, close > close1, close1 > close2), we suggest to watch today closing. Technical chart indicators and studies indicate a broad up-trend, so today’s trading session forecast is for further price extensions towards the most significant resistance levels. The major oscillators confirm the upward trend.

Dax Future broad up trend

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Prices are above the 14 days moving average (SMA value is 10353). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Daily chart shows volume is slightly lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 05/08/2016.

Performance: 7 trading days= +0.56% – 15 trading days= +2.83% – 30 trading days= +11.86%

Resistance levels: R1= 10415.50 – R2= 10477.50 – R3= 10643
Pivot Point: 10312
Support levels: S1= 10250 – S2= 10146.50 – S3= 9981


Buying opportunity above 10370.50 targets minor resistance at 10409 and perhaps as far as strong resistance at 10446, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 10550.50.

Selling opportunity below 10304.50 targets minor support at 10267 and perhaps as far as strong support at 10231, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 10125.