DAX outlook remains negative as we top just above resistance at 12450/460. Our shorts target 12415/405 but below 12400 look for 12380/375 and 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.
Strong resistance at 12450/460. 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, with stops above 12680.