DAX forecast for the week of June 27, 2016, Technical Analysis

The DAX went back and forth during the course of the week, showing quite a bit of volatility. The resulting candle was pretty neutral and represent the uncertainty that German stock market had toward Brexit result. However, you have to keep in mind that a lot of the negativity during the week was found on Friday, after the European Union was informed that the United Kingdom is in fact leaving. With this, we are sitting at support level, and at current situation, it is not until we break above the top of the range at 10400 that long term buying opportunity would be consider. As far as down side for the indices is concerned, after breaking 9500 level, Friday’s low, 9226, will be next target level for the indices .As a reminder, the indices dropped 6.82% of its value during Friday. This week is more than likely going to be a volatile and short-term focused market place.  All technical indicators are bearish for the DAX.