Dax Technical Analysis 17/05/2016

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Good morning traders, I hope you enjoyed your weekend.

I took advantage of the Dax being closed yesterday by having a day away from the markets. It’s very difficult to do that sometimes, as a trader, as it’s very easy to get wrapped up in it all.

There is nothing obvious there right now to look at, in terms of trading opportunity because we are seeing mixed signals. The daily bullish trend channel was broken last week. We also tested the 9750 low which is really one of the last milestones that the bulls are looking to defend. A break below 9750, if it picks up momentum can open up a move to 9400 and lower. A break above 10100 can open up a move to 10400.

EURUSD downtrend is still in place and the SPX had a strong day yesterday, so it’s possible we see a bit of a rally today on the Dax, as the market opens. This may trigger an opportunity to consider a short.

Interesting high impact news events this week: