Good morning traders!
A solid bounce yesterday, closing above the daily 200 EMA but below 11k. Are we now ready for a further sell off?
The trend defining level is currently 11600 so as long as we stay under that, we are bearish, but more short term recent highs of 11275 are levels of note, so if we continue to move higher, this is likely to provide some strong resistance. My auto trader is short so I am interested to see how it all plays out. 11,000 is still significant as support:resistance, as it was in February, so we could well see trading consolidate round here for a few days, until a news release comes along.
The swings are still going to be big on a daily basis, so trade with caution.
Dax Support & Resistance
|200 Day EMA||10891|
Still difficult to predict movement with us being on such a key level (200 EMA)
Bearish channel remains intact
The pullback was expected, but do we continue to downside now?
It looks heavy