Good morning traders!
The weekly candle is already looking pretty heavy at the moment, we have fallen below the median line on the daily chart fork, we are about on the daily 200 EMA and threatening to take out Tuesday’s low of 10800. If we take that out and are not rejected, then I would imagine 10600-10700 could be a target.
We had no surprised yesterday with the FOMC rate decision and there is no miracle expected tonight regarding Greece. The anti-austerity party are certainly standing stubbornly firm in the face of what appears to be political turmoil and economic ruin for his country. The stalemate was called last year and the events between the deluded Greek prime minister including his dysfunctional party being at loggerheads with lenders is playing out as predicted. News stories are now ramping up and public understanding is increasing, even the Greek central bank are at it, releasing chilling warnings of #grexit.
So I am still sat out on the sidelines until we can start seeing a turn around.
Watch 10970 as a break above could signal an interesting move. A short from 10900 could be an opportunity with stop above the 10970.
Dax Support & Resistance
|200 Day EMA||10820|
Another key point to play a bounce if you want the risk, we are at key levels (previous support, 38.2 fib, median line of long term fork, 200 ema), but the fundamentals don’t currently support a move to the upside just yet. If you are bullish, I suggest waiting. If you are bearish then buy my RSI indicator and apply the bearish template, happy trading. Once I have my automated trader ready, the indicator will no longer be available to buy.
If I was a bear, which I am not, nor will I likely ever be (on stock markets), but if I was then I would be looking to short toward 10700 if we break below 10800. It might not work out, but that’s what I would do.
Triangle pattern emerging on the 30 minute chart, a breakout could provide a trading opportunity.