Dax future: new bearish technical picture but the main trend is still up

New bearish technical picture on Dax future daily chart but the main trend is still up. Quotes are above 14 days moving average.

Dax future Monday 30 January 2017 close was at 11674 (-1.18%). New bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close), we suggest to watch today closing because the main trend is still up. Technical chart indicators and studies display positive values.

DAX Future main trend

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
Dax Future quotes are above 14 days moving average (SMA value is 11649). The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
Volumes
Future Dax daily chart shows an increase in volumes compared to 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: 30/01/2017.

Performance: 7 trading days= +0.50% – 15 trading days= +0.77% – 30 trading days= +2.25%

Resistance levels: R1= 11759.5 – R2= 11845 – R3= 11979
Pivot Point: 11711
Support levels: S1= 11625.5 – S2= 11577 – S3= 11443


Buying opportunity above 11731 targets minor resistance at 11769.5 and perhaps as far as strong resistance at 11809.5, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 11928.5.

Selling opportunity below 11657.5 targets minor support at 11613.5 and perhaps as far as strong support at 11580.5, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 11466.

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