DAX Xetra (cash index)
An increasingly choppy outlook has formed in recent sessions, but this has come with the bulls losing their control of the market.
The last two candlesticks on the daily chart have been fascinating, with long downside shadows suggesting initial selling pressure has not lasted the distance, however the market is falling away now.
A two week uptrend has subsequently been broken and the pivot band between 12,400/12,500 has been broken as support.
Yet again the market has sold off in early moves today, breaching 12,400 as the early move to the downside has been seen.
This move has opened 12,345 as the next support but it will also be interesting to now see how the bulls treat the band 12,400/12,500 as this could now become a basis of resistance.
- The hourly chart shows a corrective move is developing and there is a sell zone between 12,440/12,500 today.
- A move below 12,345 would open a retreat back towards the August lows again at 12,120.
- Today’s low at 12,367 is now initial support.
- The old pivot at 12,600 is building as an increasingly important resistance.
DISCLAIMER: This report does not constitute personal investment advice, nor does it take into account the individual financial circumstances or objectives of the clients who receive it. All information and research produced by Hantec Markets is intended to be general in nature; it does not constitute a recommendation or offer for the purchase or sale of any financial instrument, nor should it be construed as such.
All of the views or suggestions within this report are those solely and exclusively of the author, and accurately reflect his personal views about any and all of the subject instruments and are presented to the best of the author’s knowledge. Any person relying on this report to undertake trading does so entirely at his/her own risk and Hantec Markets does not accept any liability.