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Ger30: Inside day on a daily resistance

European shares closed lower on yesterday session, with the drop led by the FTSE 100 with concerns about the Scottish independence vote and a weak trade data from China.

Today we have a light the economic calendar with no data out from Germany and the U.S.

Ger30 turned from a distribution phase to accumulation phase and is stalling at 9,800 level a daily resistance. Yesterday Ger30 range is within the previous day range forming an inside day, a compression in the market so we may expect a market expansion (wide range) in the next few days. The stochastic is displaying a overbought situation showing signs that a correction may be near.

Expecting a downward move to daily support at 9,491 on a break below previous day low at 9,713.5 (scenario 1) or a break above the daily resistance at 9,800 could pull the price to Year high at 10,000 (scenario 2).

Ger30 is a CFD written over DAX30 futures.