DAX 30 Daily Forecast - May 6, 2020

Published 05/06/2020, 04:06 AM
Updated 07/09/2023, 06:31 AM
DE40
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DAX using support at 10585/605 as a scalping level did work many times, although there was 1 incident of a break lower to 10520 before a swift recovery and we then continued to hold 10585/605 for the rest of the day.

We also filled the gap 10730/760 and topped exactly here as predicted.

Today’s Analysis

DAX same levels apply for today with longs at that key support level at 10585/605 re-targeting first resistance at 10730/760. Shorts need stops above 10800. A break higher meets strong resistance at 11000/100.

Longs at 10605/585 need stops below 10550. A break lower targets 10460/440 before 10375/365 & 10330/310. Good support at 10100/10000. A break below 10000 is a sell signal.

Trends

  • Weekly outlook is negative
  • Daily outlook is positive
  • Short Term outlook is neutral

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