DAX June futures sideways as expected – we wrote: Shorts at 12400/430 target 12290/260 with first support at 12140/100.
12400/430 proved to be the perfect scalping level, holding when tested all day long & offering 30-100 ticks on each short. (September trading 23 ticks below June).
Today’s Analysis
DAX key resistance at 12400/430 of course (September 12390/420). Shorts need stops above 12460 (September 12440). A break higher is a buy signal targeting 12500/510 & 12620/650, perhaps as far as 12750/770.
Shorts at 12400/430 (September 12390/420) target 12280/260 (September 12260/240) with first support at 12140/100 (September 12120/090) for profit taking on any remaining shorts.
A break lower targets a buying opportunity at 11900/860 (September 11880/850) with stops below 11800 (September 11780).
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral