Dax Technical Analysis 16/11/2016

Hello traders!

Trading is moving sideways at the moment, trapped between 10660-10800.

I have pretty much missed the chance to provide the charts and analysis for today, so I will just provide an overall summary today.

There have been opportunities to sell this from 10800 a couple of times over the last few days, but the market is not really responding as expected and is not suggesting that it is completely overbought. It has been expected that 10500 would be the level to look to buy, but 10660 is a strong level of support at the moment and as a result it’s caught in the middle of these two levels.

We are in the season to buy stocks and of course this creates a bullish environment, so it doesn’t necessarily make sense to sell, even though the technicals are pointing towards the need for a pullback. So to be honest, my trading activity has been really reduced over the last week for these reasons.

EURUSD is bearish below 1.08 and people may look to continue selling this one towards 1.07-1.066, suggesting bullish Dax. The US equities are currently at highs, so is the Dax, so being a buyer right now is not very easy at current prices, much easier to buy a dip.

A break above 10830 is a clear indication of a new trending move. A buy from 10500 is interesting to me.

Back tomorrow as normal

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