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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

The Dogged German Dax

Stock-Markets / European Stock Markets Nov 26, 2010 - 05:16 AM GMT

By: Seven_Days_Ahead

Stock-Markets

Best Financial Markets Analysis ArticleThe Technical Trader’s view:



WEEKLY CHART

The succession of Prior Highs under the market underpins the Germans in a way that no other major Western market can compare with.

Note too that the drive up through the Prior Highs coincides with the break of the 61.8% retracement of the whole bear move from the Highs of 2007 (8005) and the lows of 2009 (588.50).

Look closer.

DAILY CHART

Close inspection of the Dec contract reveals a continuation Triangle – which has completed and whose minimum move is up as far as 7150 or so.

The market has a good deal further to go before losing momentum.

DAILY CHART

The move up from the completion of the continuation Triangle is well structured – the Prior Highs of 6561.50 and 6684 are acting as good support.

High volume down-days have been matched by high volume up-days.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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