Intra-day Bias: Neutral/Bullish

Support: 9939, 9930, 9894, 9845, 9792

Resistance: 9980, 10021, 10046, 10087, 10193

Market Commentary


Pivot levels

Pivot levels

After a fairly wide ranging day yesterday we are still trapped inside a 200 point range, where we have been for the last 7-8 days. Despite receiving slightly disappointing news from Mario Draghi, the market has not shown too many signs of its intent to reversal from current levels.

Volume profile

Volume profile

We rallied from open today, after a small gap higher and we are now currently stalling around 9975. If you pull a fib from the wicks of the recent stems, instead of the closes then you will see price touching the 61.8 @ 9989, respecting it perfectly and turning around, interesting to watch how it responds at the 50% line.

I am waiting for the market to turn bearish longer term and am struggling to get a foothold trading at the moment.

In the video my view was bullish up to the daily R1, but I am already beginning to think the opposite. Not having a clear trading idea to execute is where bad decisions come in and today, I have been the victim of some bad decisions.

Dax Technical Analysis Video