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, February 8, 2012

DAX Technical Analysis 2012.02.08

A six months chart of DAX Index shows a three wave upward move that started in September 2011.

The last period shows that the price is currently in a clear up trend and in order to spot a reversal we need to see lower lows and lower highs. Therefore, the most important support level on the short term is the 6.680 level.

The rally that started in mid- November reached the 100% extension of the September-October up swing. Moreover, on the shorter term, wave C is now between the 138.2% and 150% extension of wave A. Another important support is offered by the lower limit of the bullish channel that started in mid-January.   

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