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DAX forecast for the week of December 5, 2016, Technical Analysis

By:
Christopher Lewis
Published: Dec 3, 2016, 03:58 UTC

The German index fell during most of the week but did find a little bit of support towards the end of the day on Friday. This is a very consolidative

Dax weekly chart, December 05, 2016

The German index fell during most of the week but did find a little bit of support towards the end of the day on Friday. This is a very consolidative market at the moment, and I believe there is massive support at the €10,250 level below. I think that the €10,800 level above is resistive, so if we can break above there is a longer-term “buy-and-hold” type of signal until we get to the €11,300 level. I have no interest in selling, and continue to remain bullish of the DAX but recognize we are trying to build up momentum at the moment.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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