Dax Technical Analysis 11/11/2016

Good morning traders!

Markets still continued to digest the US election with many markets gaining through the day, with Goldman Sachs and JP Morgan doing particularly well probably because of the prospects of reduced regulation in the financial sector and the surge in global bond yields.

At the moment Gold seems to be a priced more attractively for buyers and the Dollar is perhaps stretched and in need of a pullback, which is similar to the Dax after the recovery rally.

We failed to take out 10800 yesterday and posted another slightly unusual candle on the daily chart, with a long wick and tail but pretty much ending back where we started. What kind of species is that; a long-legged-spinning-top? Either way I find it interesting that it has been stopped by the parallel trend line from the recent highs and has woken a few bears. A break above 10850 could be interesting as price could meander its way back to the 11400 levels we saw in December, but until that break happens, we are still technical stuck in the big range and digesting the recent gains.

Intra-day traders have been looking at shorts from 10700 looking to target a pullback, stop losses range from 10725-10830, depending on the type of trader, but there is growing bearish sentiment.

Yesterday in my Premium Signals channel I sent this signal out, although the order expired on my personal trading platform before price got there. But some of the guys took it. A trailing stop is good for these longer trades.

DAYTRADE SELLLIMIT #GER30 @ 10700.00 | SL:10730.00 | TP:10500.00 | 2016.11.10 15:53 (GMT) | ID 58744286

Keep an eye on the other European and US markets as well, but there is a bearish tone to the Dax today, we have broken into the low volume area again (Volume Chart), from above, so a break below the yesterday afternoon low could be interesting, or an entry similar to yesterday (above) could also be interesting.

Dax Support & Resistance

KEY LEVELS
Daily R210905
Daily R110789
Daily Pivot10682
Daily S110566
Daily S210460
200 Day EMA10321

Dax Charts

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