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DAX : Severely Overbought

Published 10/23/2013, 03:53 AM
Updated 07/09/2023, 06:31 AM
DE40
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DAX Technicals
Dax Dec13 beat 8895/8900 and unexpectedly continued higher through 8935/45, to reach 8990 and make yet another all time high. We are severely overbought and there is a hint of negativity on the short term chart, which may see a drift lower today to 8916 and possibly a buying opportunity at 8875/70, which should hold the downside. However longs need stops below 8849 for 8834, then excellent support at 8800/8795 for a second buying opportunity, with stops below 8765.

Above 8970 allows a retest of 8990. If we continue higher again today in this strong bull trend, we could reach 9035/45 and possibly 9070/80.

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