Daily Dax Bias: Bearish

Resistance: 9438, 9482, 9496,

Support: 9400, 9396, 9365, 9324, 9310

Dax Technical Analysis & Market Summary

For the MARKET OUTLOOK 20112014 today my prediction today was off. But I got one prediction correct, which could’ve made me a few points scalping and that was the low volume pocket above 9438. Once the 9438 level was taken, we sliced straight through the low volume pocket and slowed up into the higher distribution created at the beginning of the day.

We haven’t breached the naked vpoc from yesterday so new highs were not made and we are yet again caught up around a familiar price. Dax continues to remain unpredictable and at this rate, sideways action can continue on a larger scale. 9150-9500, if we draw a box around the price for those levels and split it into quarters, on the right, we could possibly use that as a guide for trading a larger range. But in all fairness, we don’t have enough data to conclude that those levels are range defining.

Friday’s tend to bring reversals and I was predicting Friday to be bullish (as Wednesday and Thursday were bearish), seeing as I got that wrong I am unsure for tomorrow. My best guess to stay with my longer term prediction. We are heading towards 9600+, but we might need to bounce there from lower levels, perhaps as low as 9250.

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MARKET OUTLOOK 20112014 – Dax Video Summary

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Lunchtime Dax update

(sent from mobile)
Price is hovering around the 9400 level and retesting this support area again, we’ve already breached it twice, but it wants to try and stay above. There is significant pressure to the downside as supply is freely available and I entered a short trade shortly after publishing this morning’s video.

Price has not managed to breach 9438 and claw back any ground from that low volume pocket we mentioned earlier. The chances we stay below 9400 today are now quite high.

Good luck trading

MARKET OUTLOOK 20112014 – Dax Market Outlook

MARKET OUTLOOK 20112014: Double gap lower today with the second gap lower happening on release of lower than expected manufacturing data from the Eurozone. We have take out the neckline of the short term head and shoulders pattern and there is a low volume pocket which has developed above 9438 from the gap lower after the manufacturing data, if the neckline is breached, we could close that gap but this 9438 level should prove resistive.

I am considering selling DAX today but would like to get as good a price as possible, I am not turning bearish in my medium term outlook, but I think I will squeeze what I can out of the correction for today based on the technicals.

The daily chart shows a doji and today looks bearish showing a star formation which indicates further bearish movement, this is the reason for my sell stance today.

MARKET OUTLOOK 20112014 – Dax Technical Analysis 

MARKET OUTLOOK 20112014