Strong price action yesterday on the German DAX index with a clean break above 13,000. The break held and continued to new highs on strong momentum. On the market profile chart below; we see that the initial balance formed above the previous day’s high. This is a clear bullish signal. Not only that, be the value area for the day formed above the initial balance! And all of that was above 13,000 with no pullback. So overall; the DAX smashed it yesterday.
Today, the key battle to watch will be the value area low from yesterday, will it hold? If it does, then the bullish momentum can continue. Although if the market doesn’t break yesterday’s high, it may be difficult to sustain the momentum. Short and sweet today
DAX Key Levels
|Point of Control||13115|
|Value Area High||13160|
|Value Area Low||13085|