Dax future: expected rebounds towards the most significant resistance levels

On the 08/01/2016 Dax future close was at 9859.5 (-1.14%). The major oscillators confirm the bearish trend, an outside bar pattern drawn on daily chart .

On the 08/01/2016 Dax future close was at 9859.5 (-1.14%). Marked a series of 6 consecutive higher lows. The technical view is negative but we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend.  We suggest to monitore today closing. An outside bar pattern drawn on daily chart. Watch volumes before entries on long o short positions.

Dax future

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 10474). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is 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: 08/01/2016.

Performance: 7 trading days= -9.10% – 15 trading days= -5.68% – 30 trading days= -9.70%

Resistance levels: R1= 10082.5 – R2= 10305 – R3= 10707.5
Pivot Point: 9902.5
Support levels: S1= 9680 – S2= 9500 – S3= 9097.5


DAILY TRADING SIGNALS

Buying opportunity above 9918.5 targets minor resistance at 9955 and perhaps as far as strong resistance at 9981, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 10083.5.

Selling opportunity below 9838 targets minor support at 9803.5 and perhaps as far as strong support at 9776.5, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 9675.