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.
NOTE: Please
see the disclaimer of this blog.
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