Dax Technical Analysis 01/11/2016

Good morning traders!

Another new month comes in and we are nearing the end of another year. How fast has 2016 gone?

We have already seen a bit of action this morning with a gap higher to meet the daily R2 (pivot point indicator), made a high around 10741 and then broke lower to close the gap and find support at the daily S1 around 10640. I sent out a signal this morning to my premium subscribers, so congratulations to those who caught the break. We are currently at the daily pivot and I am now thinking that price could be looking to find a balance point before deciding the next move.

This was some of the signal: DAYTRADE SELLLIMIT #GER30 @ 10686.85 | SL:xxxxx.xx | TP:xxxxx.xx | 2016.11.01 08:44 (GMT) | ID xxxxxxxx

There are many fundamental issues currently at conflict: ECB still have the make some choices in their December meeting, it’s probably still too early for the Fed to change rates, global inflation seems to be recovering especially with China leading the way and of course the US election, but it’s possible that this week could see a little bit more consolidation in the markets as we start to slow down in the build up to the presidential election.

The daily chart still suggests that we have some room to move into to the downside, closer towards 10500 and I still think we are bearish below 10830. The H4 chart is still not very interesting at the moment. The H1 chart looks bullish to me with a layer of support building around the 10625-10650 zone and bullish divergence appearing on the RSI, so Bulls could find an interesting spot to go long from these levels. On the 5m chart we are currently approaching 10700 which would be the 61.8% of the move today, so if this is a bearish move, we are about to hit the sell zone once more and it’s also close to the daily R1.

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Dax Support & Resistance

KEY LEVELS
Daily R210727
Daily R110708
Daily Pivot10667
Daily S110643
Daily S210607
200 Day EMA10309

Dax Charts

03-h1-dax-chart
03-h1-dax-chart
04-dax-m30-chart
04-dax-m30-chart
05-dax-m5-chart
05-dax-m5-chart
01-dax-daily-chart
01-dax-daily-chart
02-dax-h4-chart
02-dax-h4-chart
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