Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Wednesday, November 23, 2011

DAX Technical Analysis 2011.11.23

This is an update of the 15th nov. analysis (http://www.goldring.ro/dax-technical-analysis-2011.11.15.html) that stated a wave [iii] developing after the running flat correction (wave [ii] has ended).

Today, the DAX Index is trading about 400 points lower (from 5,900 to 5,500 today) and the bearish scenario is confirmed day after day. The slope of the current swing and the market personality describes a wave [iii] in progress as the only corrections (pullbacks) are minor and the bears are dominating the market.

Although wave [iii] is currently developing, aggressive rallies could appear  and the resistance zone (5,680-5,780) may be tested before the down trend will resume. The main target remains in the 5,000 area, where the mid-september lows are set.


Posted by Adrian Filip at 10:34 AM
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