24-01-2019 Dax Technical Analysis
A spinning top candle yesterday suggests that perhaps the DAX may have found some ‘balance’ above the 11,000 level. The Tuesday low was not broken yesterday. And neither was the Tuesday high. Price action yesterday open and closed inside Tuesday’s value area, so you might be forgiven for thinking the day was quite dull.
Looking Ahead
ECB rate decision later today: 12:45 and then the press conference at 13:30
11140 is not only important because it is around the previous highs from the last two days, but it was also a previous point of control. So it’s a ‘magnetic level of resistance’, which is an unusual combination. I’m expecting some difficulty to break that.
Major near term target to the downside: 10910 (this is an exposed point of control)
DAX | FTSE | DOW | ESTOXX | |
Point of Control : | 11056 | 6840 | 24494 | 3116 |
Value Area High : | 11089 | 6875 | 24566 | 3120 |
Value Area Low : | 11031 | 6814 | 24392 | 3098 |
VWAP : | 11073 | 6857 | 24494 | 3113 |
R2 : | 11197 | 6937 | 24908 | 3153 |
S2 : | 10954 | 6764 | 24119 | 3075 |
Pivot : | 11075 | 6850 | 24514 | 3114 |
Camarilla Breakout (Bull) | 11139 | 6892 | 24751 | 3135 |
Camarilla Breakout (Bear) | 11005 | 6797 | 24317 | 3092 |
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