DAX: A Bounce Can Target 12380/400
2022.10.10 05:43
40 December futures broke support at 12500/450 to hit my next target of 12280/240.
December shorts at key resistance at 7085/7100 worked perfectly on the collapse back to the first support at 7035/15, but we continued lower to the strong support at 6985/65.
A low for the day on Thursday and Friday here.
Remember, when support is broken, it usually acts as resistance and vice-versa.
Today’s Analysis
DAX December broke support at 12500/450 to hit my next target of 12280/240. A break below 12400 is a sell signal targeting 12050/12000. Further losses retest the low at 11850/830.
A bounce can target 12380/400. If we continue higher, look for resistance at 12500/530.
FTSE December collapsed to strong support at 6985/65, with a low for the day again here. A break below 6950 risks a slide to 6920/10, perhaps as far as 6880/60. Further losses can retest 6820/00.
Key resistance is at 7085/7100. Shorts need stops above 7130 and a break higher targets 7200.
