06-02-2019 Dax Technical Analysis

06-02-2019 DAX Technical Analysis

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Morning traders and welcome the 06-02-2019 Dax Technical Analysis article.

On the daily chart we can see ‘buyer range extension’. We broke above the 11324 high and closed above that level too. We have broken through a continuous 6-day range and confirmed a higher swing low and a continuation of the wider bullish trend. The series of higher highs and higher lows continues. If there is a pullback today, then I would like to see the shaded area tested. This shaded area is the same zone where higher prices were rejected at the end of January. Perhaps this zone will attract more buyers, or certainly buyers believing that current price is too high.

The 60-minute chart was interesting because of the pitchfork. Notice how price used the LMLH (lower median line parallel) as a springboard to rally through the range high and up to the ML (median line). The next observation that is very interesting is that when you study the median line method, you will learn the basic tenets of the method and one of those is that price will often reverse at a median line. Sure enough, that median line has called the top for now. 

 

06-02-2019 Charts

Daily chart

Hourly Chart

Profile

 

06-02-2019 Key Levels

DAX KEY LEVELS
  CFD
POC :  11377.5
VAH :  11385.0
VAL :  11296.0
VWAP :  11319.5
R2 :  11526.7
S2 :  11099.3
Pivot :  11313.0
High : 11391.8
Low : 11178.1

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