Here is an interesting question for you: since the Eurex extended its opening hours, is there a new pattern emerging on the DAX? Specifically I am talking about the price action (around the cash open) on days with a quick rally. And what happens to price action the following day. If you go to the charts at the bottom of the article, the very last chart is the one I am referring to, we can see just how similar yesterday’s price action was to that of a couple of days before. The Asian session range was broken to the downside on both examples. There was a single Q print which is the auction process rejecting lower prices. The rally began at this point in both examples. Watch the video below for more insight.
Dax Summary
- Five consecutive bullish daily candles and this morning the market has already pierced the high from yesterday
- Pennant forming with a clearly defined range, visible on the hourly chart below
- Large low volume ‘void’ underneath current price action which highlights the obvious pullback zones, see the profiles chart
- The nearest exposed POC (on futures) is 12040 to the downside
- Yesterday was a ‘P’-shaped volume profile but still a small range overall (under 100 points)
- The spread of price action yesterday was almost identical to a few days ago
- This morning’s cash open took out both stops on both sides of the pre-market range
- Yesterday’s early rally made a VWAP retracement strategy more effective
Dax Outlook Video
Dax Key Levels
DAX KEY LEVELS | |
CFD | |
POC : | 12112.5 |
VAH : | 12115.5 |
VAL : | 12098.0 |
VWAP : | 12099.9 |
R2 : | 12179.5 |
S2 : | 11987.7 |
Pivot : | 12083.6 |
High : | 11655.9 |
Low : | 11562.8 |
FDAX KEY LEVELS | |
CFD | |
Point of Control : | 12130 |
Value Area High : | 12135 |
Value Area Low : | 12115 |
VWAP : | 12115 |
R2 : | 12199 |
S2 : | 12004 |
Pivot : | 12101 |
High : | 11653.0 |
Low : | 11560.0 |
Dax Technical Analysis Charts
This is the chart I was using to ask the question of whether we have a new pattern emerging on the DAX.