03-h1-dax-chart

Dax Technical Analysis 11/10/2016

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Hello traders!

On the daily chart we are approaching the trend resistance formed by the three top piece of August early September and late September. A break through this would likely mean a test of 10 750 and beyond that test of 10 860. If resistance holds then we could see a decline back to support at 10 500.

The four hour chart bearish trend has now ended as we failed to make a lower low and instead made a higher high. This chart now looks very choppy.

On the one hour chart we need to break the triple top 10 645 and resistance at 10 700 which will open up the door to test the yearly highs. Predicting this market is very difficult but on this chart I have given mine.

On the 30 minute chart we are above the 34 hour moving average, so looking for buying signals and we are also above the weekly R1. The weekly pivot point is down at 10 525.

On the five minute chart that was an opportunity to go long this morning. When the market opened it gapped lower but closed quickly providing a buying opportunity. The stoploss would have been placed below the daily pivot and the target would be a break out towards 10 700.

[warning]Dax just broke 10645 resistance[/warning]

As I was writing this, Dax broke. If you are not already ling, it may be too late to catch this one because there is more resistance higher up and the risk:reward ratio will not be in your favour. There is also some bearish divergence forming on the 30 minute chart which encourages those who believe that this is not a break out, but targets are between 10700-10800 (10785 is an area I have marked on my chart) for those who believe that it is. Some also believe that we are set to create a new yearly high, with the October Zew encouraging that belief. The short side looks less attractive at the moment, but keep an eye on it.

Dax Support & Resistance

KEY LEVELS
Daily R210774
Daily R110697
Daily Pivot10574
Daily S110498
Daily S210375
200 Day EMA10254

Dax Charts

01-dax-daily-chart
01-dax-daily-chart
02-dax-h4-chart
02-dax-h4-chart
05-dax-m5-chart
05-dax-m5-chart
04-dax-m30-chart
04-dax-m30-chart
03-h1-dax-chart
03-h1-dax-chart