Hello traders! Thank you for joining me for the webinar this morning. If you did not join but you want to, then you need to join Telegram Messenger (free) and join our Broadcast channel (free) to receive the link to access it. In there we discuss setups, technical patterns and potential opportunities for the day. I did not manage to record the webinar this morning, so I went back and re-recorded a summarised version.
Dax Video
Dax Technical Analysis
We have a gap this morning, higher, which has taken out the value area high from Friday. This may well be a bullish breakout, so watch for a reaction to the 12810 zone which has resistance from last week. If the price continues to move higher, then the 12725 was a great springboard from Friday. I did attempt to go long from this level but lost the trade. The move dug deeper than I expected, although the analysis was good. So if we continue higher, then we could be looking for another test of the channel resistance. Buy the dips.
If we see a gap close today, or the price threatens to close the gap, be careful of a partial close. The value area high (from Friday) is around 50% of that gap. We often find that when price breaks above the value area high, it may come back to test that area as support. However, if the gap goes close completely, then it allows traders the opportunity to buy again from closer to the 725 level.
The weekly low (last week) is another buying opportunity as we have been ranging for the last couple of weeks, still inside that ascending triangle visible one the daily chart. The longer this ranging movement continues, the bigger the potential break will be.
The early signs for this week are bullish.
Dax Charts
01 Daily Chart – Dax Technical Analysis
03 5m Chart – Dax Technical Analysis
02 2 Hourly Chart – Dax Technical Analysis
04 DAX Market Profile
