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DAX Technical Analysis

22 April 2016 – DAX

DAX futures pull back

• DAX futures pulled back on Thursday and tested the 10400 (S1) zone as a support this time. In my opinion, Monday’s break above the key hurdle of 10120 (S2) confirmed the continuation of the near-term uptrend and as a result, I would expect the rate to turn up again at some point and target the 10630 (R1) zone. However, for now I see signs that further setback could be in the works before the bulls decide to pull the trigger again. The RSI has topped within its overbought territory and could fall below 70 soon, while the MACD has topped as well and just fell below its trigger line. Switching to the daily chart, I see that the break above 10120 (S2) may have signaled the completion of a possible inverted head and shoulders formation. This makes me believe that the medium-term picture has turned positive as well and increases the possibility for the index to continue higher in the foreseeable future.

• Support: 10400 (S1), 10120 (S2), 9950 (S3)

• Resistance: 10630 (R1), 10880 (R2), 11150 (R3)

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