Good morning traders, it’s Thursday the 13th of February and time for today’s German DAX 30 analysis. DAX takes a breather after hitting record levels. You can blame the Coronavirus [again] or some other over-used market distraction, but the simple fact is traders want to realise their profits. The Asian markets are certainly struggling today, so i’d expect to see some of that hangover filter down through the European indices as well. As a heads up, keep an eye on Airbus, Commerzbank and Schneider Electric.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 reach a session high of 13770 and a session low of 13596 giving us a range of just 174 points. But we had a bullish session that ended up 150 points higher on the day.
DAX 30 Outlook
The DAX 30 Index index is currently Bullish, but under pressure with profit taking about te challenge the trend defining low. We’re Bullish simply because we are showing a progressive series of higher highs and higher lows. The trend defining level is currently 13639, so the market remains bullish above that level. In order for the market to remain bullish, we need to take out 13771. I will again be looking to use the DAX trading strategy to provide some useful setups today.
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DAX Levels To Watch
As for the key levels to watch today, watch out for the previous session Point of Control (POC) at 13724. Today’s initial balance is between 13639 and 13718, so watch for a momentum break of either of those two levels. The value area high is currently 13741 and the value area low is currently 13695. Here are some more levels to watch out for:
- The 5 EMA (Daily): 13615
- The 8 EMA (Daily): 13511
- The 50 EMA (Daily): 13796
- The 200 EMA (Daily): 13687
- The Daily Pivot: 13709
- The Daily R2: 13883
- The Daily S2: 13534
DAX Trading Strategy
The DAX trading strategy produced 2 buy trading signals yesterday (based on the fact that the market was Bullish) of which 1 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 installed on your machine. If you need a reminder 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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