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DAX 30 Chart Outlook – Test of Important Support Levels Getting Underway

DAX 30 Chart Outlook – Test of Important Support Levels Getting Underway

Paul Robinson, Strategist

DAX 30 Technical Highlights

  • DAX trading near September, March lows
  • Macro topping pattern (H&S) maturing
  • 12100-area from support to resistance near-term

For the intermediate-term fundamental and technical outlook for the DAX & Euro, check out the recently-released 4th Quarter Forecasts.

DAX trading near September, March lows

To start the week the DAX gapped through support surrounding 12100, once again breaking a shelf which held on two occasions since the end of June. The breakdown has a trend-line from March and the low from September 11 in focus, in the vicinity of 11900/865.

A break of near-term support will start to have longer-term implications as the March low is up next as meaningful support. On a break, a lower-low from last month also keeps the generally negative trend intact with its series of lower lows and lower highs.

Any bounce which develops is at risk of failing, with the most potent level of resistance arriving just over 12100. Given the market closed at support on Friday and gapped below it will make it an even more formidable area to content with than usual. If the DAX can muster the strength to that point it will offer a good risk/reward spot for would-be shorts. Right now that is looking like a tall order.

For market sentiment and to learn more about how to use it in your analysis, check out the IG Client Sentiment page.

DAX Daily Chart (Support levels under fire)

DAX daily chart, support levels under fire

Macro topping pattern (H&S) maturing

Looking at the macro-techs for a minute, the broad head-and-shoulders pattern we’ve discussed from time to time, while having lost some of its symmetry on the right side, is still in play. The aforementioned levels of support will first need to be broken before a neckline test can unfold, but should it do so it could be a very important event. We’ll delve into potential outcomes should it become relevant.

DAX Weekly Chart (H&S pattern maturing)

DAX weekly chart, H&S pattern maturing

Want to learn more about trading the DAX? Check out ‘How to Trade the DAX’, and join me weekly for technical updates in the Indices and Commodities webinar.

Forex & CFD Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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