Dax March contract Forecast for 16th January 2013

Dax March contract Forecast for 16th January 2013
Dax March contract Forecast for 16th January 2013
Dax futures headed lower to fill the gap down to 7640/32. We suggested exiting shorts and trying longs with a tight stop below 7620. The low was 7636 so this trade worked very well as we rallied back up to 7700.

7700 is tricky resistance today and daily charts have a more negative tone now so we could see the market under pressure again. We could head back to support at 7676/70 but below 7660 we could retest that 7640/32 area. Try longs again with a stop below 7620 for a test of good support at 7603/7593. We would expect a low for the day here and quite possibly for the week if this area is seen so this would be an excellent buying opportunity.

A move back above 7705 however sees 7715/21 then 7740/45. Above here look for 7769 but little chance of any higher today.

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