Dax Technical Analysis 06/07/2017

With a close last night above the value area high (12455) and a break above the yesterday high (12478) this morning already, you may be forgiven for thinking that this wants to continue higher. However, let’s see if the 12455 futures level holds. Because it’s also possible that this early move is looking to trap weaker buyers. As I write this article, there is some activity around that area.

We just completed the webinar this morning. Come and join us on Telegram if you want to take part. I send then link to join in there. We looked at the current trade that is open, potential strategies going forward, zones to watch and setup emerging right now.

Dax Video

Dax Daily Chart

  • If we are forging a balance area here, then a major move to 12075 is possible
  • The break below the ascending triangle pattern supports that view.
  • A break below 308 could confirm the move
  • The best entries could be between 12500-12600
01 Daily Chart - Dax Technical Analysis
01 Daily Chart – Dax Technical Analysis

Dax Hourly Chart

  • More balance point line play at work here
  • The 50% balance point from the POI to the low
  • Connecting a line through the 50% offers an area for the price to tag and respect
  • It did
02 Hourly Chart - Dax Technical Analysis
02 Hourly Chart – Dax Technical Analysis

Dax 15 minute Chart

  • Ascending triangle starting to form here
  • 12500 is the overhead resistance (horizontal)
  • Rising support from the 12300 low from a few days ago
15m DAX Chart
15m DAX Chart

Dax 5 minute Chart

  • We tested the underside of a fork suggesting we found our high
  • There is also some shorter term line play at work
03 5m Chart - Dax Technical Analysis
03 5m Chart – Dax Technical Analysis

DAX Profile

  • Yesterday value area 12415-12455 with POC at 12430
  • We closed above the value area yesterday, on low volume, but break back inside this morning
  • A break below could open up a move towards the lows
04 DAX Market Profile
04 DAX Market Profile

Dax Signals

If you want to find out more about Dax Signals, just watch this video: