DAX Chart Outlook – Can Price Stay Above Resistance?

DAX Technical Highlights

  • DAX trading above the 12100-area, an important threshold
  • Today’s closing print viewed as important

For the intermediate-term fundamental and technical outlook for the DAX Euro, check out the Quarterly Report.

DAX trading above the 12100-area, an important threshold

The week before last the DAX broke fairly significant support just around the 12100-level, but found a low just a few days later. This has the level once viewed as support now a level of resistance. It’s come into play each of the past four sessions, with no success so far in recapturing it (but trying now).

Should we see the market sustain above resistance on a daily closing basis, then momentum on the break could carry it higher. It will still be an uphill battle, though, as the trend during recent months stays negative.

The key is whether the market can close above 12100 or not. An intra-day move could see price traverse well above resistance (like today) only to have a closing print back below. In this event, the rejection to maintain above would further solidify resistance.

If the market sinks back below

Article source: https://www.dailyfx.com/forex/technical/home/analysis/ger30/2018/09/18/DAX-Chart-Outlook-Can-the-DAX-Stay-Above-Resistance-PRtech.html