10-01-2019 DAX 30 Technical Analysis

10-01-2019 Dax Technical Analysis

The DAX 30 broke its wedge to the downside towards the end of the session and began this morning with a gap lower. The zone surrounding 11,000 provided some stubborn resistance. Perhaps traders are still waiting for concrete details on the trade talks in Beijing.

The uncertain outcome from the trade talks creates a nervous environment and that allows for choppy market conditions.

Brexit

European stocks were in the red in early trading today perhaps because of worries about the upcoming parliamentary vote on the Brexit withdrawal agreement. The UK government agreed to accept an amendment which states that the Parliament will only accept Prime Minister Theresa May’s deal in case the European Union provides “further assurances” regarding the Irish backstop. There is a very real possibility of ‘yet another’ referendum to decide whether the public should accept the deal Theresa May’s government has put together. Expect more volatility as events unfold.

US v China

A spokesman for the Chinese Ministry of Commerce says that during the three-day talks, China and the United States made progress on structural issues such as forced technology transfer and intellectual property rights. Both sides are being “serious and honest,” but offered no insight into what they agreed upon.

The spokesman seized the opportunity to urge foreign auto makers to invest in China, noting that the country supports the strategy which follows the principles of free trade set out by the WTO.

10-01-2019 Key Levels

We have a number of exposed levels to watch as potential targets, looking at the POCs in the third chart at the bottom (below).

  DAX FTSE DOW ESTOXX
Point of Control :  10900 6918 23885 3092
Value Area High :  10926 6931 23945 3082
Value Area Low :  10877 6908 23844 3073
VWAP :  10905 6922 23889 3063
R2 :  11027 6965 24082 3044
S2 :  10771 6869 23651 3025
Pivot :  10899 6917 23866 3016
Camarilla Breakout (Bull) 10965 6936 23952 2973
Camarilla Breakout (Bear) 10824 6883 23714 2935

10-01-2019 Dax Charts

 

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