Dax September contract Daily Forecast – 18 August 2015

Dax bears appear to remain in control at this stage BUT we have not closed below the 200 day moving average at 10,935. We are oversold & this offers some encouragement for bulls. Holding above here this morning targets minor resistance at 11,000/11,010 & we should struggle here initially. Be ready to buy a break above here if not already long however to target 11,080 then resistance at 11,120. Try shorts with stops at 11,160. Target 1@11,080, T2@11,030. However be ready to buy a break above 11,160 to target 11,200/215 then a gap to fill at 11,262. Exit longs & try shorts from here up to resistance at 11,275.

Failure to beat first resistance at 11,000/11,010 is more negative & triggers a move towards 10,905/10,895. A break below 10,860 targets 10,810/800. A close below 11,860 adds pressure this week to target 10,730/725 & July lows at 10,660/650.

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