German DAX Opens Lower, Trades Below 10,400

German DAX Opens Lower, Trades Below 10,400

22 April 2016, 10:01
Roberto Jacobs
0
17

German DAX Opens Lower, Trades Below 10,400

Extending its Thursday's fall from above 10,500 mark on dovish ECB, German DAX 30 index opened lower on Friday and is currently trading below 10,400 level.

Immediate downside seems limited

From current levels, subsequent weakness below 10,350 is likely to accelerate the fall towards 10,275, which if failed to hold might lead to an extended corrective move towards 10,100 mark, representing 23.6% Fibonacci retracement level of 8,696-10,524 up-move.

On the upside, 10,430 followed by 10,500 psychological mark seems to act as immediate hurdles. A clear break-through these immediate resistance levels has the potential to boost the further by 100 points, towards 10,600 mark, representing the upper trend-line resistance of a short-term ascending channel formation on daily chart.


fxs_logo_news.png

Share it with friends: