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Thursday, January 19, 2012

DAX a look at 4 time frames nearing resistance at 6400

The DAX has broken through the 6170 resistance and headed to near 6400 quite quickly.  This level is the last Major resistance as can be seen in the Weekly chart below.

DAX WEEKLY



The RSI is not at overbought levels.  If we look at the Daily chart below, we can see we are nearing short term overbought, so some rest is needed.  HOWEVER looking at FTSE which is close to breaking out at 5720 level, it seems that consolidation will be flat or maybe a drop to the 6200 area (fill the gap as seen on 15 min chart)

DAX DAILY



Interesting is the measured move from the BULL FLAG is around 7230, which is also the underside of that trend line (purple dashed).  

On the 3 hour chart we can see the push above the 6170 level and now hitting the 6400 level, and the RSI is near overbought, again suggesting some sideways/down movement to 6200


DAX 3 HOUR



On the very short term 15 min chart it shows the gap between 6230 and 6280.  The DAX has a propensity to fill gaps fairly quickly.

DAX 15 MINS




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