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DAX Price Forecast December 1, 2017, Technical Analysis

December 02
15:06 2017

The German index rallied initially during the trading session on Thursday, reaching towards the €13,200 level. That area has offered resistance as of late, and therefore I think that it would not be surprising at all that we could find selling in that area. I believe that the €13,000 level right now is offering a bit of support, and that support extends down to the €12,850 level. I think that the €13,000 level continues to be a magnet for price, but the one thing that I would point out is that every low continues to be a bit higher, and given enough time I think that eventually the bullish pressure will take over. Move above the €13,200 level sends this market looking for the psychologically and structurally important €13,500 level after that.

Moving averages don’t suggest much beyond a slight grind higher, and therefore it’s probably much easier to buy the dips then try to sell the rallies. However, that’s not to say that you can trade this market, just that you should be very patient with any type of move, recognizing that it may take a while to form. Once we do break above the €13,200 level, I think that we have a clear shot to the €13,350 level next, and in relatively short order. A break above the €13,500 level brings in more of a “buy-and-hold” attitude, and I think at that point longer-term traders will be looking for the €15,000 level. While I do not expect a breakdown, a move below the €12,800 level should send this market down to the €12,500 level.

DAX Video 01.12.17

This article was originally posted on FX Empire

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