Good morning traders
Slightly shorter than normal format of article today, because the wifi is just so bad here. I feel a little bit of a snob, and have completely taken my home for granted, but the internet here is like 56k dial-up modem, I pretty much get 5.4kb/s download speed. So I will keep this one brief.
Dax Technical Analysis
After the incredible breakout on Tuesday, we had quite the anti-climax yesterday with a much slower day of digestion and consolidation. The trading range of around 100 points contained price and as a result, trading was choppy, with no trend.
Assuming that this break out is now confirmation of the wider bullish trend, longer term targets will be between 10800 – 11250, but the breakout may need to pullback to establish some support to build from. 10500 is a popular target to the downside as a first test. Below this there are a number of similar suport zones that can be tested, and I imagine a lot of bulls will be looking to add to there positions from those levels (10300-10500)
We have already reached the weekly R2 (pivot point indicator) and we are bullish above 10400. A pullback to 10500 would also be the weekly R1 (pivot point indicator).
Algorithm once again is doing al my trading today, and likely tomorrow too. Choppy is bad for my algorithm, so let’s hope we get a trending move.
