DAX 30 Technical Outlook – Turn from Resistance Has Support Back in Focus

DAX 30 Technical Highlights:

  • DAX turn lower from resistance brings support to light
  • ~12100 is a reaction level to watch this week
  • A couple of scenarios to watch moving forward

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

DAX turn lower from resistance brings support to light

In last week’s DAX commentary, we discussed the obstacles which laid ahead in the form of confluent resistance between the trend-line running down off the June peak and the underside of the February 2016 trend-line. This turned out to be a key spot as anticipated, and with the quick trade lower has important support in focus.

The area around 12100 put a floor in on a couple of occasions, once in June and then again in August, before giving way in September. Despite the trade lower and back higher through this area this month, it could still be impactful soon.

A test and hold will bring in the possibility of a not only a higher low from earlier in the month, but could also forge out a right shoulder of

Article source: https://www.dailyfx.com/forex/technical/home/analysis/ger30/2018/10/02/DAX-30-Technical-Outlook-Turn-from-Resistance-Has-Support-Back-in-Focus-PRtech.html