DAX: A Bounce Can Target 12380/400

2022.10.10 05:43

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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.

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