Dax Technical Analysis 02/05/2017

Hello traders!

The French elections and the Brexit talks are dominating the European headlines at the moment. The far-right Le Pen (recently detached from her Front National party to gain support with her new strap line “Save France”) trailed Macron in the first round, but seems to be gaining on the Pro-EU centrist Macron in the run-off.

But trading is relatively subdued at the moment, hence my lack of trading activity. The market has been slow for near on a week now and there is really very little to say or commentate, so for today I will keep things very brief, expect volatility towards the end of the week. Keep your leverage low. Don’t jump into trades just because you have none open at the moment and you want action.

The algo remains bullish, the technical trend remains bullish, but as we are in a compressed trading range at the moment, watch for a break out. There is a large gap to fill underneath us, but the longer we stay above it, the stronger the floor becomes and the stronger the support.

Unfortunately my trading/charting platform seems to be buggy today, so I will update the levels and charts a bit later.