08-01-2019 DAX 30 Technical Analysis

08-01-2019 DAX 30

Price gains in Asia and the US brought a small tailwind to the German index on open today.

Despite closing lower yesterday, the DAX 30 could build on the recovery of last Friday. 

Another focus is the trade dispute between China and the USA. In Beijing, delegates from both nations discuss the way forward in the conflict over higher tariffs. China’s President Xi sent his highest-ranking negotiator and is hoping for a breakthrough in the customs talks.

08-01-2019 DAX 30 Outlook

10847 is the current 2019 high and we are trading around a zone of interest from mid December. If you recall from December, the price was unable to reclaim the 11,000 handle after closing below that level on the 6th. For the remainder of December, the price continued to trend slowly lower on low volume. 

Today, we’re watching the 10680 low from yesterday, to see if that area holds. If it doesn’t hold, then we’re expecting a test of the 600-640 zone. And if that 600-640 area fails to hold then perhaps we could see a move down towards the exposed POC from Wednesday last week at 10433.

Immediate targets to the downside would be the Point of Control and Value Area Low. 

08-01-2019 Key Levels

  DAX FTSE DOW ESTOXX
Point of Control :  10710 6805 23522 3024
Value Area High :  10761 6831 23607 3038
Value Area Low :  10699 6793 23423 3016
VWAP :  10739 6817 23512 3032
R2 :  10924 6920 23910 3079
S2 :  10587 6729 23125 2993
Pivot :  10756 6825 23517 3036
Camarilla Breakout (Bull) 10832 6870 23770 3059
Camarilla Breakout (Bear) 10648 6765 23338 3011

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