No video today, recording problems affected the audio. Back to normal tomorrow
Another bearish day yesterday, with another lower low on the daily chart. That makes four consecutive lower daily lows. If we get another one today, then I may look for opportunities to trade a bounce.
The current low is 11 899. We saw a reaction bounce from here, up to the volume weighted average price, in the last part of the session yesterday. The bounce hinted at a move towards higher prices. However, the momentum was broken this morning with the gap lower.
Delta remains negative for now.
The trend defining level at the moment is 12 123. The market remains bearish below this.
If we do manage to break higher, then the target areas are 12,000 and 12,080.
|DAX KEY LEVELS|
|Value Area High||12073|
|Value Area Low||11952|
|Camarilla Breakout (Bull)||12102|
|Camarilla Breakout (Bear)||11856|
Looking for support down here
The FTSE is bearish below 7324. Price action is expected to break the 7223 low and continue the downtrend. If this happens, then 7265 becomes the new lower high. However, should price fail to break 7223 low and instead, break the 7265 today, then perhaps we could see a move towards 7300 again.
We currently trade around the weekly S1 after another aggressively bearish day yesterday.
The FTSE has printed three consecutive losing days, all of which had ranges of over 100. The total retracement from the 7561 high is nearly 5%
|FTSE KEY LEVELS|
|Value Area High||7287|
|Value Area Low||7227.5|
|Camarilla Breakout (Bull)||7317|
|Camarilla Breakout (Bear)||7207|
The daily candle yesterday suggests a rejection of lower prices. This would be a positive sign for buyers. The market has already retraced 2.5% from the recent highs.
We are currently trading around yesterday’ point of control and expect the afternoon session to be interesting as the US traders come back from their bank holiday.
|DOW KEY LEVELS|
|Value Area High||26537|
|Value Area Low||26365|
|Camarilla Breakout (Bull)||26702|
|Camarilla Breakout (Bear)||26349|