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    Daily analysis of DAX for February 29, 2016 2016-02-29

    The short-term picture is very clear about a possible strong resistance formed around 9603, where buyers can take profit. However, the bullish bias is still alive, as the Index is doing a consolidation above the 200 SMA in the H1 time frame. A breakout above the 9603 level will expose the DAX to test new highs.

    1456709050_DAXH1.png

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    H1 chart's resistance levels: 9497 / 9607

    H1 chart's support levels: 9411 / 9305

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the DAX breaks a bullish candlestick; the resistance level is at 9497, take profit is at 9603, and stop loss is at 9388.


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