DAX Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

 

23 Mar, 2020

Dax 30 JUNE futures

Dax break above 8850 was actually a short term buy signal would you believe! We hit targets of 8960/9000, 9050/70 & 9140/80 but topped exactly here – unable to reach our selling opportunity at 9350/9400.

Reports will be updated before European open & at about 19:00 GMT

Today’s Analysis

DAX gaps lower to open at 8281. Further losses target 8180, 8140/30, 8100 & 2 week trend line support at 8030/00 before a retest of support at 7960/30. We held just 10 ticks above here last week but further losses this week target 7850/40 & 7800/7780, perhaps as far as 7720/00.

Outlook negative so gains are likely to be limited but above here 8330 allows a recovery to 8440/60 then a gap to fill at 8550/8600. Shorts need stops above 8700 for 8800/10 & 9000/9050 then resistance at 9140/80. If we unexpectedly continue higher look for a selling opportunity at 9350/9400. Stop above 9500 for 9650/9700.

Trends

Weekly outlook is negative Daily outlook is negative Short Term outlook is negative

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.