Hello traders!

Yesterday we completely engulfed the previous daily candle, closing at the bottom of the price range and threatened to continue to move down early this morning, as we carved out our current day low at 9864. We are still bullish above 9750, but that was a warning sign. The reasons for the sell off could be the weaker than expected numbers from the industrial production this morning.

A betting man would expect the Dax to continue to drift up higher as the technical bull trend is still intact. breaking 10110 will give the bulls more believe that the trend can go on an carve out another higher high.

As I write this article, 11:15, Dax has rallied over 100 points and looks a little expensive, but a pullback to 10000 might offer a better opportunity.

Dax Support & Resistance

KEY LEVELS
Daily R2 10147
Daily R1 10042
Daily Pivot 9983
Daily S1 9877
Daily S2 9819
200 Day EMA 10165

Dax Charts

01 Daily Chart (Dax)

01 Daily Chart (Dax)

02 H4 Chart (Dax)

02 H4 Chart (Dax)

03 H1 Chart (Dax)

03 H1 Chart (Dax)

04 m30 Chart (Dax)

04 m30 Chart (Dax)

05 m5 Chart (Dax)

05 m5 Chart (Dax)