Dax Technical Analysis 22/07/2016

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Good morning traders!

We have recently attempted to take out (and failed to do so) the 10100 level and support has formed here. We had a bearish open for the Dax first thing this morning, and we are now testing that level once more. It opens up the possibility of a decline to 10,000 if this level goes. If we look at the daily candle from yesterday, there is a bearish setup forming, so it could good an interesting spot for go short, especially as Friday tends to provide good reversal opportunities.

However as I have written this, the attempt to break below 10100 was rejected and we have rallied nearly 50 points to claim a new daily high, so bulls are prepared to defend that level.

There is no denying that price action is still trading sideways right now, so there are no obvious setups right now apart from considering a short below 10100 and a long above the high from yesterday.

I am setting up my systems to a bearish template for today, looking for shorting signals.

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