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Technical Outlook: DAX Makes First Major Test, DJIA Gains Topping

Technical Outlook: DAX Makes First Major Test, DJIA Gains Topping

2019-01-12 14:00:00
Justin McQueen, Analyst
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Equity Analysis and News

  • DJIA | Gains Beginning to Top Out
  • DAX | Key Resistance Tested

DJIA looks to be topping out slightly as resistance at 24000 holds, while the RSI is beginning to turn. Consequently, bears are looking to make a break below 23877 to exacerbate losses back towards the 38.2% Fibonacci retracement at 23550, before a larger retracement towards 22000. A topside breakout however, raises scope for a move towards 24200, where sellers may re-emerge.

DJIA Price Chart: Daily Time Frame (Sep 2018 – Jan 2019)

DJIA

DAX Price Chart: Daily Time Frame (Feb 2018 – Jan 2019)

Despite the continued recovery in the DAX, the series of lower highs continues to suggest that the outlook is bearish. Alongside this, the DAX has now reached key resistance at the 11000 level, which also coincides with the rising trendline from the 2011 low. As such, failure to make a topside break of this first level of big resistance, could see the DAX renewed its selling. However, a break above increases scope for a move towards 11500.

DAX

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

Other Weekly Technical Forecast:

AUD Forecast –Prices May Add Gains to USD, EUR But JPY Holds

British Pound Forecast –Light on the Horizon?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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