Dax future main trend is up. Quotes crossed above the 14-day SMA. However, the buy signal should be confirmed with increasing volume.
Dax future Friday 14 October 2016 close was at 10577 (+1.73%). The main trend is up on the daily chart, the bulls are in control. The positive value of many leading oscillators indicates infact an upward trend. The short term view is therefore bullish, however for today trading session we can’t exclude retracements towards the most significant support levels.
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Simple Moving Average (SMA)
Strong bullish signal: Dax Future quotes crossed above the 14-day moving average (SMA value is 10501). Today trading session forecast is for further price extensions towards the most significant resistance levels. However, the buy signal should be confirmed with increasing volume.
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: 14/10/2016.
Performance: 7 trading days= -0.07% – 15 trading days= -0.39% – 30 trading days= -1.05%
Resistance levels: R1= 10647 – R2= 10717.5 – R3= 10895
Pivot Point: 10540
Support levels: S1= 10469.5 – S2= 10362.5 – S3= 10185
Buying opportunity above 10595 targets minor resistance at 10634 and perhaps as far as strong resistance at 10672, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 10779.
Selling opportunity below 10527.50 targets minor support at 10489 and perhaps as far as strong support at 10452, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 10344.50.