03 H4 Dax Chart

Dax Technical Analysis 09/02/2016

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New major lows have been reached and although we did not close below 9,000 yesterday we seem to want to continue lower.

The break below support, which was becoming a strong level, has opened up the potential support cum resistance trade and I am looking out for that.

Right now I am personally looking for selling opportunities only when the market is like this, so I won’t be going long to reach the 9200 handle. We touched support from August 8 2014 this morning and bounced from there, closing the gap which opened at 7am, as I type this article we have just reach 9043 and turned lower again.

If the current swing on the daily chart is going to extend 100% from the early 2016 swing, then targets are around 8300 and that’s definitely possible if we take out and hold below the August 2014 low because there is not a lot of support below there. The .618 extension is 8922 and the August low is 8902.

There is a lot of volatility at the moment, so short term traders are going to find conditions quite tricky as 20-30 point swings can happen within seconds and the larger leveraged positions can put a lot of strain on margin. So trade carefully.

I have a sell order at 9200 still, but I may also consider a sell order around 9050 as the 9075 level was difficult to break down yesterday.

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Dax Support & Resistance

KEY LEVELS
Daily R29505
Daily R19253
Daily Pivot9087
Daily S18835
Daily S28669
200 Day EMA10435

Dax Charts

02 Daily Dax Chart
02 Daily Dax Chart
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03 H4 Dax Chart
03 H4 Dax Chart
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05 m30 Dax Chart
05 m30 Dax Chart
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06 m5 Dax Chart
06 m5 Dax Chart
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