Saturday, February 23, 2013

DAX forecast for coming week ended 1st March, 2013.

Last time I was talking about closes above around 7750 range which Dax failed to meet yet and unless it is doing that I am not too much optimistic about levels above 7900. In fact if it tests level around 7800 then there is a chance of making a short-term bullish pattern and if that pattern is true then Dax has the possibility of testing around 8000 ranges. It is good to see that Dax is maintaining 7600 range and so long it does not drop below 7400 level, there will be possibilities of upside moves. In fact recent reversal figure indicates that Dax has the chance to start a new up move from around 7600 ranges. So now the initial resistance for Dax will be right there where it closed in the last day, at around 7660 range.

In coming week if Dax fails to break 7600-7700 ranges then it may drop but it is hard to say that it will be a sudden big fall or gradual drops. In the downside 7400 may act as a good support, in fact if Dax drops in coming week then it has the chance of reversal from that ranges. I want to talk about major correction or any bearish pattern when Dax will be in around 7000 range.

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