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DAX & CAC Technical Outlook, Levels to Know

DAX & CAC Technical Outlook, Levels to Know

2018-02-21 09:02:00
Paul Robinson, Strategist

DAX/CAC Highlights:

  • DAX struggling to gain momentum, at risk of retest of lows or worse
  • CAC has big overhead resistance right around 5300 to contend with

For longer-term fundamental and technical analysis on the DAX & CAC, and our top trade ideas for 2018, check out the DailyFX Trading Guides page.

DAX struggling to gain momentum, at risk of retest of lows or worse

The DAX continues to have its difficulties in carving out higher levels since putting in a trough just above the 12k-mark. Confidence among market participants may be slow to come around and eventually lead to more buying, but the tepid rally compared to other indices has the DAX vulnerable to further selling.

Levels to watch on the downside start with yesterday’s low at 12333, followed by a pivot on 2/15 at 12278, then the key-reversal day low on 2/14 at 12074, with the final level before a lower-low clocking in at 12004. On a lower-low the zone to watch is 11935/868.

On the top-side, the Monday high at 12505 is up first, followed by the Jan 2 low at 12745 which is in confluence with the 200-day at this time. Should the market rise to that point it is likely on the first attempt we would see a rejection.

It remains a back-and-forth short-term market at this juncture until better clarity, making it more ideal for those with very near-term objectives in mind.

For ideas on how to build or restore confidence, check out Building Confidence in Trading

DAX Daily Chart

DAX daily price chart

CAC has big overhead resistance right around 5300 to contend with

The CAC has been the leader of the two major Euro-zone stock markets, having made it up to the 200-day and breakdown zone from earlier this month. It’s a big area around 5300, and as long as the CAC stays below then the upside remains capped.

Should a solid breakout above 5300 develop a gap-fill up to 5365 will come into play along with the underside of the November 2016 trend-line. Turning attention lower, there are a pair of gaps at 5222 and 5165 to be filled, followed by a trend-line rising up from the June 2016 low.

CAC Daily Chart

CAC daily price chart, at resistance

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---Written by Paul Robinson, Market Analyst

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