DE30
Let’s start today’s analysis with the German DAX (DE30). Looking at the D1 interval, we can see that the buyers managed to reach fresh all time high this week. However, the excitement did not last long. Sellers took the advantage and the index pulled back. Should sellers manage to hold the price below the resistance at 15,515 pts, a bigger downward correction may occur. In such a scenario the key support to watch lies near the 14,800 pts, where the lower limit of 1:1 structure as well as previous price reactions are located. On the other hand, if the price returns above the aforementioned 15,515 pts handle, a continuation of an upward trend is possible. In this case the 15,720 pts level could be the next resistance to watch.
DE30 D1 interval. Source: xStation5
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US100
Looking at the technical situation on the US tech index - Nasdaq (US100), one can see that the index broke the upper limit of the local downward channel. Retest of an 13,420 pts support occurred later on and index resumed upward move. Looking at the H4 interval, the market bulls are approaching the next major resistance near 13,735 pts. Should buyers manage to uphold current momentum and break above the aforementioned resistance, the move towards an all time high at 14,060 pts is possible. On the other hand should sellers manage to hold the price below 13,735 pts, the downward correction may be on the cards.
US100 H4 interval. Source: xStation5
Please be aware that information and research based on historical data or performance does not guarantee future performance or results. Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk.
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