Good morning traders!
So what have we missed, in terms of news, over the weekend?
I was reading a number of articles over the weekend, and one, in particular, was saying that Germany is a comparatively prosperous country but many people are anxious about the future, worried about falling wages, the state of the middle class, immigration and politics. I read another article about business leaders in Munich being wary as attempts by the Trump administration to reassure Europeans about its commitment to trans-Atlantic relations have fallen flat with some German business executives, who are concerned that the White House’s chaotic course could do economic damage. In more positive news, the German property market continues to thrive, with new figures suggesting that prices rose an average of 10 percent last year. Then there was Sweden? I mean does Trump own shares in Fox? It’s like he watches a few clips on FoxNews and then forms his press conference based on reactions to what he hears. It’s comical.
Then there was Sweden? I mean does Trump own shares in Fox? It’s like he watches a few clips on FoxNews and then forms his press conference based on reactions to what he hears. It’s comical, genuine confusion came out of Sweden based on his comments.
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Dax Daily Chart
The Dax continues to display its unpredictability with an apparent rejection of a bearish candle formation. Traders were expecting the price to fall back towards 11,400 after what appeared to be a bearish doji at resistance (last week), but instead, we have begun to carve out support at 11710 and have now printed a bullish looking candle.
If the recent highs are broken then the technical bullish trend remains intact and we are bullish above 11500.
Dax Hourly Chart
The 11710 level I mentioned last week turned out to be good support and has been respected, so far. The 11800 level is a good spot for profit taking (or taking half of the position off the table) 11874 is the next major target. The hourly RSI is 60+ suggesting bullish momentum and my algorithm is also bullish, despite the foggy geopolitical horizon.
I am watching a break above 11874 or a break below 11710. The US are on holiday today, so trading volume may be thin.
Dax Support & Resistance
|200 Day EMA||10864|