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DAX forecast for coming week ended 3rd August, 2012.

Last few days of this week was better for DAX but testing 6400 level has created a type of reservation for up moves. Last week I was talking that if DAX tests 6400 level then it may create a short-term bearish pattern and if that pattern triggers then DAX can test lower levels of 6100. I will later discuss about the situation if DAX tests 6100 level.

Last two days were better so there is a good chance that DAX may break 6800 level in earlier days of the coming week. During last few months I was talking about a bullish pattern of DAX though it has acted to some extent on it but the expectation was little more. So if DAX breaks 6800 level then there is a good chance that we may see better days.

In brief if DAX fails to cross 6800 level then there is a good chance that it may drop to trigger its bearish pattern and for that important support levels are at 6600 and around 6562 (50% retracement).

NOTEPlease see the disclaimer of this blog.


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