Welcome to the GERMAN DAX SUMMARY 22102014. Trapped between 8650 – 9000 and being squeezed, waiting for a break up or break down.
Slow day for the DAX in comparison to those over the last week or so, producing a bearish day so far. Highs reached 8960 and fell as low as 8857. With such a surge in volatility recently, the distance between the key levels have become much larger and as a result price action only managed to see two of them today. We traded, trapped, between the daily pivot and the R1.
GERMAN DAX SUMMARY 22102014
I am still waiting to see which direction the DAX takes, if the market closes above 9000 then I have to start adjusting my stance towards bullish and think about going long as it’s possible that we could eventually get up there and retest those 95xx levels and beyond, but we are still at a key point on the longer time frames so long from current positions is probably not a great move. On the other hand though I wouldn’t be going short either because the signs are really beginning to look bullish and the trade could be dead in the water.
Tomorrow and Friday could be interesting days, especially Friday as these days seem more likely to bring reversals, but I am on the fence right now. Thanks for reading the GERMAN DAX SUMMARY 22102014.
GERMAN DAX SUMMARY 22102014 Key Levels
| KEY LEVELS | |
| Daily R2 | 9142 |
| Daily R1 | 9040 |
| Daily Pivot | 8842 |
| Naked VPOC | 8834 |
| 24hr VWAP | 8819 |
| Value Low | 8774 |
| Daily S1 | 8740 |
| Deviation Low | 8696 |
| Daily S2 | 8542 |
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