05 Dax m5 Chart

Dax Technical Analysis 04/04/2017

Hello traders!

I mentioned in yesterday’s article that there was bearish divergence on the hourly chart, suggesting an opportunity to short, congratulations to anyone who did that. I did not. My algorithm is still looking for buying opportunities.

We almost reached the all time high on the Dax yesterday, stopping roughly 10 points short of that target before retracing a large majority of the recent gains, finding a low of 12210 before settling at 12288 and posting a bearish looking spinning top-type candle, just below major resistance and giving back around a quarter percent on the day. The questions for bulls now are; how much bullish momentum is left in this move and how difficult is it going to be to break this all time high?

If we are to remain bullish, and there is some momentum left, then I believe we have an interesting zone at 12191 initially, but that goes, then I am watching for price to be caught and held around the 12075-12125 zone, with an order of 12110 appealing to me. RSI on the hourly chart suggests that price is nearing oversold and beginning to show signs of divergence, but it’s too early to say for sure. I have marked out the zone I would be interested in.

On the five minute chart we are forging a compressing ‘wedge’ pattern, so perhaps this will provide an opportunity to grab a few points on a break. Let’s see.

5 minute pattern
5 minute pattern

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If you’re interested in receiving live trading signals for the Dax, come and join the community. Three months of signals will cost £94 and can be purchased using this link: https://www.paypal.me/DaxTrader54/94 . In the meantime come and join my broadcast channel on Telegram messenger, it’s here that I broadcast additional Dax analysis and messages to my readers and subscribers. For the rest of the month, it is very easy to get access, please download the Telegram messenger (from www.telegram.org) and then click this link: https://t.me/joinchat/AAAAAEAypsW3Xet_6ngBlw


 

Dax Support & Resistance

Open12321
High12387
Low12210
Close12288
Range177
Change-0.27%
14 Day ATR119.11
Daily R212470
Daily R112377
Daily Pivot12293
Daily S112199
Daily S212115
200 Day EMA11180

Dax Charts

03 H1 Dax Chart
03 H1 Dax Chart
05 Dax m5 Chart
05 Dax m5 Chart