The DAX targets 13421 POC (point of control) as it builds on last week’s bullish momentum. The global economy is rebounding quite strongly from the worrying recession in the second quarter, thanks to the reopening of economies and also the second virus waves not having as negative an impact as feared (assuming that this is not just a ‘calm before the storm’ phase). We are in Q3 now and the most likely threats of a downside scenario will come from Brexit [again], China vs US tensions and a stronger virus outbreak in the colder months.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 reach a session high of 13257 and a session low of 13111 giving us a range of just 146 points compared to the average daily range of 283. At the close of play last session, the market closed at 13183 which was 910 points above the 200EMA and 362 points above the 50EMA.
DAX Outlook and Bias
The DAX is currently Bullish.
The DAX Index index is currently showing a progressive series of higher highs and higher lows. The trend defining level is currently 13095, so the market remains bullish above that level. In order for the market to remain bullish, we need to take out 13319. I will again be looking to use the DAX trading strategy to provide some useful setups today. To get access to those levels and entries, or to use the strategy, then check out the members site for more details.
DAX 30 Key Levels
Moving on to the key levels to watch today, watch out for the previous session Point of Control (POC) at 13191 and the previous session Volume Weighted Average Price (VWAP) at 13179. The value area high (VAH) is currently 13207 and the value area low (VAL) is currently 13153.
|Stochastic||K: 74 and D: 61|
|Point of Control (POC)||13191|
|Value Area High (VAH)||13207|
|Value Area Low (VAL)||13153|
|The DAX Pivot||13184|
|The DAX R2||13329|
|The DAX S2||13038|
|Daily 5 EMA||13178|
|Daily 8 EMA||13144|
|Daily 50 EMA||12821|
|Daily 200 EMA||12273|
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