Good morning traders!
We have rallied quite strongly this week, perhaps on the relaxation of rate hikes from the Fed but yesterday’s article is still standing in terms of the targets and levels to watch. I can probably agree with our fellow trading friend Roger who wrote:
Well the powerful daily candle of Friday had some follow through and we went through previous resistance at 9781. This should now provide some support. This is also the neck line of the inverted H&S pattern which if successful will take us to 10235 at 100% extension. Of course this could be yet another fake out. The weekly chart is still countertrend bearish. The futures having gapped down this morning it will be interesting to see what price does around 9750 where the 200 EMA sits on the hourly chart (currently forming a sell candle above this 200EMA.
Watch for a break above the yesterday high after recovering from a pullback on the open early this morning. Price is currently sitting around the weekly R1 so a break above may open up a decent move towards 10,000.
Dax Support & Resistance
|200 Day SMA||10677|
None available today.