Saturday, September 15, 2012

DAX forecast for coming week ended 21st September, 2012.

I was expecting little correction in the early days but except the flat initial day all the moves were in the upside. In the last day it did not respond like others that is not a good indication, in fact during last few days Dax has not given a solid move. Technical indicators are not showing any big over-bought position for Dax so I will not be surprise if it gives a big move in certain point of time in coming week.

Now 7500 is its initial target in the upside and the better one is at 7600 for any bigger move. In the downside 7200 is the initial support level and the stronger one is at 7000 level. 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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