Dax Technical Analysis 01/03/2016

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Good morning traders!

Another month disappears, does anyone else worry that time just goes?

Bears took control yesterday with a gap lower on open and from there attempted to break down to the daily S2, trading ranged for the majority of the morning and early afternoon with a rally to the daily pivot, which closed the gap opened in the morning, but was rejected and pushed back down to the daily S1 again. The S1 was a popular price point on Monday.

This morning, a different story. Small gap high, followed by relentless rally, breaking through the high of last week and bursting through the daily R2 for today. I am watching the reaction around 9621, because this was support back in Aug/Sept 2015 and we are now testing the underside of that, which could provide some resistance. Bulls should careful not to be trapped by what may turn out to be a fake breakout higher. At the same time Bears should be careful of a break above 9650, because that can signal a move much higher.

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Daily Chart – Bearish below 10,000, but looking to consolidate

4 Hour Chart – About to break out to the upside, but trading sideways, Bollinger bands are pinching

30 Minute Chart – Short term bullish trend channel is intact, break of 9581 could be significant for bulls

5 minute chart – We have broken through the S2 already, perhaps digestion of the rally is needed before further moves higher.

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Dax Support & Resistance

Dax Charts

06 m5 Dax Chart

05 m30 Dax Chart

03 H4 Dax Chart

02 Daily Dax Chart