DAX outlook remains negative as we hit the next target of 100 day moving average support at 12335/325. As stated on Friday, I think longs are risky and if we continue lower look for a test of Fibonacci support at 12270/260. This should be the best support of the week as we start to hit oversold levels. A good place to cover shorts if you have managed to follow us and trade from the short side over the past 2 weeks. Also the only area to try longs with stops below 12240. Be ready to sell a break lower however initially targeting 12210 then a gap to fill at 12120/110.
First resistance at 12400/410 but strong resistance at 12450/460 should hold a rally. Shorts need stops above 12500. A break higher targets 12545/555. Unlikely, but if we continue higher look for a selling opportunity at 12620/630.