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DAX forecast for coming week ended 17th August, 2012.

DAX is trying to stay above 6900, as it is making base at this level. So for coming week it is important that DAX should maintain this level in early days. Last few month’s moves reflect good days for DAX and if it able to stay above 6900 then things will be better for it.

On the other hand DAX is in over-bought zone so I will not be surprise if it drops from this level. In that case its initial support level will be 6800 and later 6600. I am still concern about the movement around 6400-6900; unless DAX is coming out from this zone risk of dropping around 6100 level will be there.
DAX is making higher highs and higher lows, considering that if DAX breaks 6600 then I don’t think that it is going to drop below 6400 level, in fact we may consider around 6562 (50% retracement) as important support level for it.


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