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Dax Daily Forecast: May 19, 2017

Published 05/19/2017, 06:16 AM
DE40
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Dax

Dax topped exactly at first resistance at 12630/640 but shorts need stops above 12680. A break higher targets 12705/10 then resistance at 12750/760. Try shorts with stops above 12810.

I do not think we are finished on the downside yet & I am looking for a further correction. Failure to beat 12640/630 re-targets 12555 before strong support again at 12515/505. Longs could be more risky today...use stops below 12470 if you try again. A break lower is a sell signal targeting 12430/420 & perhaps as far as strong support at 12300/270 for a buying opportunity. A low for the day very likely but longs need stops below 12220.

A weekly close now below the 2 week low at 12442.50 would be a minor sell signal for the start of next week.

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