Bias: Seems to be top of current run. Neutral/Bearish
Support: 9929, 9900, 9987, 9850
Resistance: 10000 10036
Dax Market Commentary 28/11/2014
So we tested the 10k level today and got to within 5 points before being rejected, much to the delight of bears, back down towards 9900. We pulled back to around the 50-61.8 zone which was an important area with many technicals acting as an area of confluence. Price bounced from the resistance zone and looks set to continue on a bearish descent today, perhaps even Monday too.
[wp_ad_camp_1]
I have been hoping for a correction lately because I can not see a good position to currently go long from, but a correction will provide me a better price to get back in.
For the rest of today I suspect we will struggle to re test the 10k level, I am currently short and I expect us to pass 9900 and get down to 9850 by Tuesday.
I am still overall Bullish and will continue to be until we clear 10100 by which time I will start to consider where the top might be.
[wp_ad_camp_3]
