Dax Technical Analysis 31-05-2017

m5 Chart - Dax Technical Analysis

Keep an eye out on the developing head and shoulders pattern from the daily chart. Especially if we break below the low from yesterday and continue to forge lower lows. This pattern would suggest a bearish reversal. Moving down to the hourly chart, we remain trapped in the range (mentioned above) and await a break for a further steer.

Dax Technical Analysis 30-05-2017

Daxtrader RSI Indicator

We had very thin volume in the market yesterday, thanks to the holiday in the UK and US. So the Dax futures market continues to move sideways for now. The buyers seem to be defensive at the moment and there are some technical indicators beginning to offer signs of reversal. MACD on the weekly chart is close to triggering a signal (sell).

Dax Technical Analysis 29-05-2017

Hourly Chart - Dax Technical Analysis

The levels I have been watching are a break above 12720 or a break below 12540. We did pierce below 12540 on Friday, but the price almost immediately reversed to remain firmly within the range. So these levels can now be replaced by the range levels from the hourly chart above.

Dax Technical Analysis 26-05-2017

Hourly Chart - Dax Technical Analysis

Let’s come back to this hourly chart and watch the trend line break. If this setup plays out it will great for that trade we discussed. I have drawn out a couple of zones. The support zone is a good target for shorts. The resistance zone, has been a support level in the past, so this is a potential spot for shorts.

Dax Technical Analysis 25-05-2017

m5 Chart - Dax Technical Analysis

So with price action being so slow, I thought I would look at a different chart. This is an example of one I sent to the broadcast channel yesterday. We have a triangle pattern emerging. We normally would see a reaction by now, but at the moment, nothing. Keep a eye on that.
Also keep an eye on a break lower.