DAX 30 Chart Outlook – Test of Important Support Levels Getting Underway

DAX 30 Technical Highlights

  • DAX trading near September, March lows
  • Macro topping pattern (HS) maturing
  • 12100-area from support to resistance near-term

For the intermediate-term fundamental and technical outlook for the DAX Euro, check out the recently-released 4th Quarter Forecasts.

DAX trading near September, March lows

To start the week the DAX gapped through support surrounding 12100, once again breaking a shelf which held on two occasions since the end of June. The breakdown has a trend-line from March and the low from September 11 in focus, in the vicinity of 11900/865.

A break of near-term support will start to have longer-term implications as the March low is up next as meaningful support. On a break, a lower-low from last month also keeps the generally negative trend intact with its series of lower lows and lower highs.

Any bounce which develops is at risk of failing, with the most potent level of resistance arriving just over 12100. Given the market closed at support on Friday and gapped below it will make it an even more formidable area to content with than usual. If the DAX can muster the strength to

Article source: https://www.dailyfx.com/forex/technical/home/analysis/ger30/2018/10/09/DAX-30-Chart-Outlook-Test-of-Important-Support-Levels-Getting-Underway-PRtech.html