Good morning traders!
Relatively short post today because I am unlikely going to trade. I am still waiting for confirmation on whether Greece are going to pay IMF or not, which should be tomorrow. I personally can not see where they are getting the money from and it’s going to be a serious problem is they go into silent default.
I am not quite ready to change my bias to bearish, but I would not be averse to capitalising on a drop based on our over-extended price.
So I will be sitting out and watching today
Dax Support & Resistance
|34 Hour EMA||12062||77|
|200 Day EMA||10310||21|
Dax Daily Chart Analysis
We are still making good progress towards the top of the range here, plenty of resistance overhead. Tomorrow could prove significant to provide the catalyst to break us out one way or another.
Dax Intra-day Analysis
I have added another couple of support zones
30 minute Chart
Still trapped in the range, hovering around the weekly R1. The 34 hour EMA is beginning to climb.
We are bouncing between the daily pivot and daily R1 today and on the bigger picture there is a triangle forming. A break above R1 could take us towards R2 and a break below the blue line could take us to S1
The gap open from yesterday is still safe, but a break into that zone could see a sharp sell off. YVAL is holding nicely at the moment. VWAP is flat and we are currently consolidating inside the lower volume area from yesterday.