I think the Dax30 is pretty straightforward at the moment. The main question is how much of a barrier is the 13,000 going to provide as we seem likely to test it now.
The bullish major swings are still in play and the current trend defining levels for the Dax30 are 12815 and 12720.
So long as price remains above these two levels, we continue to remain bullish. These levels are visible below on the 20-minute chart. I don’t think we need to explain much more than this 20-minute chart today. This chart tells the story quite well.
There are two more interesting observations on this chart. The first one is the way that price is respecting the centre line of my ACR line (the middle of the three grey parallels). This middle line of these three is a multi-pivot line (MPL) and that MPL is receiving quite a lot of touches. The more touches a MPL receives, the stronger a candidate it is for being the centre of an action/reaction move. “To every action there is always opposed an equal reaction.”
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08-05-2018 Dax Key Levels
|Value Area High *||12963|
|Value Area Low *||12867|
|14 Day ATR||152.53|
|*These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices|
08-05-2018 Technical Analysis Video
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