Dax Technical Analysis 11/02/2015

Good morning traders!

Watch out for some interesting news from Greece today. There are plenty of stories out there and opinions circulating about the end of the world and grexit and doomsday and nonsense, but whilst that’s probably just hearsay ultimately the fact does remain that Greece and its lenders are at loggerheads and the situation is delicate to say the least. Decent shorting opportunities exist compared to long opportunities.

I have no open trades, but I received a sell signal around 8:50pm which I shared with the mailing list. If you are interested in getting on the mailing list for the signal project, see the forum article for more details here: https://www.daxtrader.co.uk/forums/topic/brand-new-signal-service/

Keep your eyes peeled and good luck trading our there.

Support & Resistance

KEY LEVELSDifference
Daily R21095096
Daily R110870117
Value High10809130
Naked VPOC10764101
34 Hour EMA107383
Daily Pivot1073153
24hr VWAP1071444
Value Low1068555
Daily S11065174
Daily S21051210
200 Day EMA969612

Dax Daily Chart Analysis

Plenty of room to the downside, 38.2 fib is 10372, and .50 fib zone begins from 10183 down. Based on the Greek risk, I favour further downside today. A move up to 10853 would complete what looks to be a head and shoulders pattern and potentially provide a good spot to short from if you’re bearish. The overall trend at the moment is sideways in a large range.

Dax Daily Chart
Dax Daily Chart

Dax Intra-day Chart Analysis

10600 was tested four times yesterday and rejected, but if that goes and the next cluster around 10500 will be the target. after that, the door is open to decent sell off down to 103xx. Looking for short opportunities, if current levels are not taken then 10830 looks like a decent spot to short from.

Dax Intra-day Chart (30 minute)
Dax Intra-day Chart (30 minute)

Dax Volume Profile Chart Analysis

Low volume pockets between 10789-10790 and 10708-10728 and 10645-10655, these could fall quickly. I would suspect a move towards VWAP would be the obvious move (black line around 10714) for simple mean reversion and at the very least a move towards the naked VPOC. If we clear the value area low, we could go as far as to test the deviation low at 10611 which formed the pocket of support that was difficult to crack yesterday.
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Dax Volume Profile Chart (5 minute)
Dax Volume Profile Chart (5 minute)