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Today's outlook for Dax Futures
Thursday, March 11, 2010
by Carol Harmer of Charmer Charts
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Dax March Contract Dax bounced a few ticks above 5834 support and managed to reach 5909. The market looks a little weakened after yesterday's action. We have failed to reach our target of 5821 and a dip towards support at 5865/62 looks likely. A break below 5860 would continue the weakness for today down to 5838/34 where buyers will try to ensure we are supported once again. A move below 5830 however keeps the pressure on for excellent support at 5820/16 where shorts need to be covered and long positions established as a good bounce is expected. Sellers will sense a move to the band between 5914 and 5921 as an opportunity to take control in the hopes of maintaining longer term downward pressure. There should be quite a battle here at this major level. Only a break above 5932 allows bulls to stay in the driving seat for a run to between 5940/45 and 5955/57. www.technicalanalysisreports.com
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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