Dax March contract Forecast for 23rd January 2013

Dax March contract Forecast for 23rd January 2013
Dax March contract Forecast for 23rd January 2013
Dax futures fell to the 7640/32 support area where we suggested exiting any shorts and trying longs and this worked perfectly as we bottomed at 7633. We have been stuck in a 90 point range since the start of the month but we have unwound overbought indicators and could be ready now for a break higher.

Immediate resistance at 7721/24 but we could open above here to test yesterday’s high at 7750. A break above 7769 should then allow a test of 7795/7805 highs and tough resistance today. Exit any longs and try shorts with a stop and reverse in to longs again above 7815 for 7826 and above here a run to 7896/7906 to take profit on those longs.

Failure to get through 7724/21 could take us to 7701 and if we continue lower look for 7676/70. Below 7660 we could retest that 7640/32 support area for exiting any shorts. Try longs again with a stop below 7620 for a test of good support at 7603/7593 and an excellent buying opportunity.

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