Good morning traders, it’s Wednesday the 12th of February and time for today’s German DAX 30 analysis. We see yet another record high as fears of the Coronavirus begin to soften. Today will likely tell us whether the rally continues – or comes to an abrupt end. What do you think?
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 reach a session high of 13657 and a session low of 13535 giving us a range of just 122 points. When you compare that to the average daily range of 178, you can see we were 56 points below the average suggesting a slow session which is better suited to range trading. Unfortunately for us, as we’ve said many times before, range trading is not great for our DAX trading strategy. But overall, after considering the previous day’s price action, it’s clear we had a bullish session that ended up 77 points higher on the day.
DAX Outlook and Bias
The DAX 30 index is currently Bullish, showing a progressive series of higher highs and higher lows. The trend defining level is currently 13638, so the market remains bullish above that level. In order for the market to remain bullish, we need to take out 13584. I will again be looking to use the DAX trading strategy to provide some useful setups today.
DAX Key Levels
As for the key levels to watch today, watch out for the previous session Point of Control (POC) at 13618. Today’s initial balance is between 13639 and 13718 today, so watch for a momentum break of either of those two levels. The value area high is currently 13630 and the value area low is currently 13569.
Here are some more levels to watch out for:
- The 5 EMA (Daily): 13567
- The 8 EMA (Daily): 13504
- The 50 EMA (Daily): 13290
- The 200 EMA (Daily): 12696
- The Daily Pivot: 13602
- The Daily R2: 13723
- The Daily S2: 13480
DAX Trading Strategy
The DAX trading strategy produced 4 trading signals of which 2 worked out well. Remember you can get a copy of the DAX trading strategy for yourself. All you need to do is get Sierra Chart, if you need a remember of how to do that, visit the DAX trading strategy page.
To keep up with the economic calendar and the latest price action, click this link to open up the DAX chart.
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