Dax being oversold we did stablise as expected & bears require more caution as we warned with an inside day ranging from 8700 to 8860. Immediate
Dax December contract Daily Forecast - 15 October 2014Dax being oversold we did stablise as expected & bears require more caution as we warned with an inside day ranging from 8700 to 8860. Immediate resistance at 8875/95 is crucial & will determine direction going forward. Try shorts with stops above 8910. A close above here tonight will turn the outlook positive. A short squeeze could be seen & possible sharp moves to resistance at 8960/65. This is also quite important & any shorts need stops above 8990. Above here we are really out of the woods. A break higher is a buy signal & targets 9040/45 then 9075/90 & eventually 9140/45.
Immediate support at 8765/60 but below here keeps the market under pressure & could target 8715/05. Below risks a retest of this week’s low at 8685/80. Obviously this is important & any longs need stops below 8670 for a move towards 8610/00. Below here targets excellent support at 8550/25. A low for the day & possibly for the week is expected at this stage. Longs need stops below 8490.
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