Weekly Support & Resistance Levels – DAX & CAC (European Indices)
The European indices are consolidating in narrow ranges, mostly in a bearish trend. The German stock market index, DAX, hasn't been able to cover much and has been holding near $12250 for a long time.
Technically on the daily timeframe, I'm seeing good potential for sell. With this in mind, I have placed my sell limit at $12300 to target $12200, but I will not enter the market until the DAX reaches my entry-level.
Let's take a look at weekly trading levels for the DAX (German Index) & CAC (France Index). Also, feel free to refer to the FX Leader support and resistance trading strategy article for tips on how to trade below levels profitably.
DAX – Weekly Trading Levels
Support Resistance
S1: 12185.17 R1: 12555.79
S2: 12670.27 R2: 12670.27
S3: 12855.58 R3: 12855.58
Key Trading Level: 12370.48
CAC40- Weekly Trading Levels
Support Resistance
S1: 5103.07 R1: 5224.32
S2: 5065.62 R2: 5261.77
S3: 5005 R3: 5322.40
Key Trading Level: 5163.70
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