Support & Resistance Levels
KEY LEVELS | Difference | |
Daily R2 | 9696 | -39 |
Daily R1 | 9642 | 45 |
Value High | 9602 | 65 |
Naked VPOC | 9585 | 113 |
34 Hour EMA | 9571 | 8 |
Daily Pivot | 9550 | 62 |
24hr VWAP | 9548 | 52 |
Value Low | 9524 | 95 |
Daily S1 | 9496 | 146 |
200 Day EMA | 9475 | 3 |
Daily S2 | 9404 | 163 |
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Dax Charts
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Dax Analysis
A much needed pullback today, with sideways price action and we are now trapped inside a range waiting for the next move. The inflation report yesterday printed much as expected, deflation has been confirmed on the headline figures, but expected due to the oil prices, but slightly above expectations after ignoring the oil price effect. A flat day whilst the market catches it’s breath.
On the daily chart, after yesterday we are currently around the 50% retracement from Monday’s losses and have just about peaked our head above the cloud. We are currently above the 200 EMA and just about back inside of the rising trend channel. Perhaps an opportunity to short from here, we will watch and see.
Intra-day we are just above the 34 period (hourly) moving average and have climbed back inside the top half of the falling channel, but price action is flat. Looking at the pivot point indicator, we were trapped inside the weekly S1 and S2 yesterday, making higher lows, but not higher highs. Perhaps price is coiling up for another move, which we may see today.
What can we expect today? I think much the same, range trading. We are currently trapped in 9550-9600 range, looking on the volume profile the dashed lines show a low volume pocket between 9525-9556, this is similar to Tuesday too, so if we get there, then I expect that zone to fall quickly, a good opportunity to trade there. The 9525 is where the value area low resides, so it’s a realistic take profit target if we look set to threaten to take out 9575 and 9550.
Currently we are on buy signals. I am personally neutral. I have no open Dax trades at this time.
Good luck trading today
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Free Trading Signals
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