22-11-2018 Dax Technical Analysis

22-11-2018 Dax

Good morning traders and happy thanks giving.

Trades today will be waiting for the ECB minutes of the last central bank meeting. There may be further evidence on the assessment of the monetary authorities in matters of Italy’s budget dispute against the European Commission, because in October, ECB chief Mario Draghi was concerned about the development shown.

22-11-2018 Dax Analyis – Yesterday’s review

In yesterday’s article I said:

The most obvious target would be a retracement back towards 11220.

Well the Monday’s POC around 3 O’Clock yesterday. This came as a result of bulls winning the choppy battle early afternoon. By winning that battle the bulls confirmed that yesterday broke the bearish succession of lower lows and lower highs on the daily chart, see below.

I found it interesting that we started the day above the value area, tested the value area high, were rejected at the value area high, then held above the value area for the remainder of the session.

I also found the ‘zig-zag’ interesting. Because the battle zone I referred to a moment ago seems to be the balance point in the middle of that zig-zag.

22-11-2018 Dax Analysis – Daily

A bounce from the monthly lows.

Not only did we fail to break the Tuesday low, but we also broke the Tuesday high. So the recent pattern of price action has now been broken. Is it a change of behaviour or just a dead cat bounce? 

22-11-2018 Dax Analysis – Short-term

As expected, the price has retraced back to the underside of the previous range low. 

First impressions are bearish, because of the reaction to the underside of this level over the last few hours. 

Perhaps there is an opportunity to target the gap from yesterday. Perhaps there is an opportunity to target the POC from yesterday. Or perhaps this is a continuation of the wider bearish move. 

If the POC goes, then perhaps the value area low is a target

 

 

22-11-2018 Key Levels

  DAX FTSE DOW
Point of Control :  11171 7034 24603
Value Area High :  11218 7039 24645
Value Area Low :  11051 6972 24550
VWAP :  11181 7014 24576
R2 :  11356 7136 24785
S2 :  11053 6909 24289
Pivot :  11205 7022 24537
Camarilla Breakout (Bull) 11320 7111 24648
Camarilla Breakout (Bear) 11154 6986 24375

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