Saturday, September 8, 2012

DAX forecast for coming week ended 14th September, 2012.

DAX has shown best result among the stock indexes which I cover, in respect of crossing its recent highs and it is good to see DAX keep the upside momentum in the last day. 7200 is important resistance level for DAX which it failed to break last time so I think it is better to wait for some consolidation before jumping into the market. For coming week it is hard to specify any level in the upside but we may see 7100 level on any minor pull-back.

Now Dax has reacted on its bullish pattern though it may go around 7500 if it reacts fully on that bullish pattern. If we consider that 6900 is it recent base then that also indicates more up moves. If Dax drops from 7000 level then 6800 will be a good support for it. On the other hand if we go with recent reversals then it can drop up to around 6600 level (around 61.8% reversal).


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