03 H1 Dax Chart

Dax Technical Analysis 06/04/2017

Good morning!

And with a single bearish candle, we have wiped out all the gains from the previous 5 trading days. Price continued to find lower levels this morning on the way towards the target zone that I mentioned in my article yesterday.

The question now is whether or not we have already found the low or whether we are going to press into the 12110 support a bit further before continuing higher. I found it interesting that we printed bullish divergence exactly at the 100% extension that I mentioned yesterday 12118. Almost exactly to the point. Just goes to show that these studies (Fibonacci) can be very useful for targets.

My expectation (personally) is that we are going to hold this level, so I will looking for buying spots throughout the day. Price broke below the Bollinger band and after showing bullish divergence I am thinking the signal to buy is a little bit stronger now. The stop loss could be deep, so it might not suit everyone’s risk appetite.

Targets: 12220 and 12265 are on my radar. The algo remains bullish.


 

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Dax Support & Resistance

KEY LEVELS
Open12297
High12298
Low12172
Close12176
Range126
Change-0.98%
14 Day ATR116.51
Daily R212340
Daily R112257
Daily Pivot12214
Daily S112131
Daily S212088
200 Day EMA11200

Dax Charts

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