Daily Technical Round-up: DAX to resume upwards pressure?

Michael Baker, Monday, 30 September 2019

Technical Analysis


Pivot: 1.2298

Scenario 1: 50% saw support with a small bounce but we have opened this week with another test of this area. 50-day SMA at 1.2262. 1.2250/32 is the 9 Sep low which is also a previous resistance. Further potential support can between 1.2250/2232 and the 61.8% @ 1.2196.

Scenario 2: Push up through 1.2337/46 then the aim is for 1.2375/96. Taking out this level then we look at the coincided fib levels which are the 38.2% @ 1.2500 and 1.2528 @ 23.6% @ 1.2528. Overcoming here then one of the trend resistance would of given way, 50% fib at 1.2668 and 200-day SMA at 1.2729 and longer term trend resistance at 1.2782.

Chart: 50% fib holding the lows which does look a little under pressure. 

30 GBP


Pivot: 1.0934

Scenario 1: Double bottom gave way but we didn't see a huge breakthrough. Market has pushed back above 1.0926 in what looks like a false break. Back above 1.0957/66 the next move may be back to 1.1025/32. Any higher would be the break of the triangle. Above 1.1074 we look for possible moves back up to the 38.2% fib at 1.1098 and September highs at 1.1109.

Scenario 2: Back below 1.0926 the new yearly lows are 1.0904. We have to go back to May 2014 to find possible areas of interest. Multi-week low between 1.0831/39 sits just above a 78.6% fib at 1.0815.

Chart: Daily chart shows testing of long-term slopping support, looks under pressure.

30 EUR

Germany 30

Pivot: 12,339

Scenario 1: Theme last week was the bounce up to resume upwards pressure. We open the week close to where we left off on Friday, looking to take out last week's pivot and high between 12,399/422. Previous multi-week high at 12,489/96 coincides with a weekly trend resistance.

Scenario 2: Market looking strong but any moves below the weekly pivot @ 12,312 we look at 12,304/281. 12,191/167 is a noticeable support but we have seen it down to 12,141 recently. Any lower then its the 38.2% fib at 12,028.

Chart: Four-hour chart showing continued push for the trend resistance. 

30 DAX

Wall Street

Pivot: 26,861

Scenario 1: Friday saw another push and test of short-term support, four daily lows at 26,703 with 26,672 another area of interest below. Below here is 26,549 which is a previous resistance turned support with a 38.2% fib at 26,458. 26,366 is a resistance which was notable since August before seeing a breakthrough in early September.

Scenario 2: Looking to break out of trend channel at 27,000 and then overcome previous weekly pivots at 27,018/80. 27,064 looks like a area which has had a lot of attention. Short-term resistance at 27,227 follows not too far after with longer term resistance at 27,339.

Chart: Looking to either break out of the trend channel to the high or the support at the bottom. 

30 Dow

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