Good morning traders, here are my observations so far:
According to the short-term swings, the DAX remains bullish above 10725. Breaking below this level will confirm the start of a new trend.
However, European markets were in the red shortly after the opening bell as traders digested the announcement from the European Central Bank that it will terminate its asset purchasing program.
When easy monetary policy ends, you usually get a taper tantrum. Therefore this trend defining level is under pressure.
The DAX is currently trading around 1077x and we are already 120 points lower than yesterday’s close.
The average daily range for the DAX is approximately 170 points.
We’ve recently seen resistance become support around the 10730-10750 zone. Previous demand could also be seen around the 10675-10690 zone which may prove to be a popular profit target and support again.
We are nearly 100 points below the trading range from yesterday so will unlikely be using any of the volume related data, unless we see a significant bounce from current levels.
14-12-2018 Dax Analysis || Key Levels
|Point of Control :||10914||6879||24587||3111|
|Value Area High :||10945||6890||24636||3119|
|Value Area Low :||10894||6863||24530||3104|
|Camarilla Breakout (Bull)||10960||6884||24708||3121|
|Camarilla Breakout (Bear)||10849||6812||24411||3090|
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