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 |