Good morning traders!
A bullish looking candle on the daily chart from yesterday with a decent sized tail and another signal that there is strong support down here and the 200 day EMA refuses to give up easily. However my automatic trader has ignored all of this and gone short. I am not sure I would have done that myself, but I will hold it and see what happens.
We pierced the support floor once more yesterday and reached new lows of 10658, we reached numbers we have not seen since February on our huge ascent in Quarter 1. There is one interesting development that needs to be noted and that is the large volumes levels currently being traded (see daily chart below). We are seeing levels not dissimilar to the previous reversal levels of months gone by, I just wonder now that the Grexit seems to be being priced in, that once investors realise the contagion risk is reduced and actually Grexit is not such a disaster, perhaps we see some bullish action from between mid 10xxx and current levels. But I am merely speculating.
0 Trades taken from John Anthony – once again there was very little from them today, they are being cautious
My autotrader did ok today with a few wins and I think only a single loss, taking the total figures to around the 10% return mark, which is still strong, but of course only at the beginning, still perhaps some luck involved. See for yourself.
Dax Support & Resistance
|200 Day EMA||10834|