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Hello traders!

10,100 has gone! We have broken to the upside and this has surprised me. The range is now range and there is some opportunity to go long. The current price is 10212 and although looks expensive, is riding a pretty strong wave of momentum following the breakout. Targets to upside range between 10300-10400. If the current move needs to pullback before continuing higher then it’s possible to look for an entry somewhere closer to 10,100.

Gold is currently tanking down lower and so is EURUSD, so this is supporting the case for a move higher on the Dax.

Is it possible that we have finally begun a new trend?

I am watching for an entry near to the 10135-10150 zone as an opportunity to go long. If we get a wider pullback, then the move started down at the daily S1 yesterday, which was around 9775 (the bottom of the recent range – a cynical trader/conspiracy theorist may suggest foul play from those capable of manipulating price, in order to wipe out stops, create a bear trap before breaking out of the range to the upside – but that would probably just be crazy talk..) so the retracement zone for this move could be as low as 10,000 or even 9950, perhaps the more likely is 10050.

Bears can only be hoping that this is a fake break out and actually we are just pumping price up for an even bigger fall. But the majority of traders are certainly (clearly) favouring the bullish side today. Let’s see how it plays out.

Dax Support & Resistance

KEY LEVELS
Daily R2 10354
Daily R1 10230
Daily Pivot 10001
Daily S1 9877
Daily S2 9647
200 Day EMA 10144

Dax Charts

01 Dax Daily Chart

01 Dax Daily Chart

02 Dax H4 Chart

02 Dax H4 Chart

03 H1 Dax Chart

03 H1 Dax Chart

04 Dax m30 Chart

04 Dax m30 Chart

05 Dax m5 Chart

05 Dax m5 Chart