Good morning traders and welcome to the 02-05-2018 DAX TECHNICAL ANALYSIS, I hope you took advantage of a day away from the markets. We had no Dax yesterday due to Labour day, so there was no article or morning briefing.
Today, we have liftoff and price action has broken through a previous major swing high. We now see an unusual situation where we have taken out two previous major swing lows and also taken out the previous major swing high. So although the trend is not exactly clean from a technical perspective, it now favours the bulls once more. The question remains whether or not this is a typical ‘wash and rinse’ scenario or whether this is the real break. The answer will likely come from the test of the breakout area.
02-05-2018 DAX TECHNICAL ANALYSIS
Let’s jump straight into the video today. The charts from the video are below.
250 Tick Chart
20 Minute Chart
[These images have a finite life span and will be removed from the server after a month or so]
02-05-2018 Dax Key Levels
| KEY LEVELS | |
| POC * | 12613 |
| Value Area High * | 12622 |
| Value Area Low * | 12578 |
| 14 Day ATR | 143.18 |
| 200 EMA | 12525 |
| 50 EMA | 12432 |
| Daily R2 | 12655 |
| Daily R1 | 12613 |
| Daily Pivot | 12585 |
| Daily S1 | 12542 |
| Daily S2 | 12515 |
| *These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices | |
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