Good morning traders!
We pulled back a little further than I expected yesterday so I am going to wait and see how we react to the daily 200 EMA. The ideal entry for me is one where I can put a stop under 9900 meaning I am looking for an entry closer to 10075. First target would be 10270, second 10400, third, 10650 and finally 10800.
We are trading below the 34 period hourly EMA, with the Stochastic approaching an overbought zone suggesting we can still see some movement to the downside. There is some support at the 10125-10150 zone as I am also going to be watching for a reaction around there.
We are currently around 10224, so I would imagine some aggressive bulls will take the speculative trade to bounce from the low of yesterday as this provides a good risk:reward set up. Stop under 10200 could be interesting. I don’t really want to be shorting this market, but if I was looking to do so, I would target 10150 on a break below 10200.
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Dax Support & Resistance
KEY LEVELS | |
Daily R2 | 10469 |
Daily R1 | 10378 |
Daily Pivot | 10293 |
Daily S1 | 10201 |
Daily S2 | 10117 |
200 Day EMA | 10182 |