Good morning traders!
A bit of relaxation last week in the Greek crisis after the Bundestag also (as expected) gave the green light for negotiations on further billions in aid for Athens. But the Dax gave back some of the gains from the recent rally on Friday.
So overall, shares have recovered very strongly in the past two weeks and the Dax sentiment has turned Bullish, investors believe foreign capital could now stabilise the market and are now once again optimistic.
Congratulations to anyone who went long earlier last week, I am sure there are many medium-term bulls who are now very relieved that their negative positions are coming good again. I did not have the forsight to hold on to mine and cut them weeks ago. But it is not all smiles, despite reaching an agreement with the creditors regarding Greece because the problems surrounding Greece’s debt are still far from being conclusively solved.
I am looking for long positions, but still would like a better price.
Dax Support & Resistance
|200 Day SMA||11660|
Strong bullish candle last week continuing the momentum which began the previous week.
We failed to take the 0.618 fib out on Thursday closing just a point or two underneath and again on Friday we threatened but failed to close above.
As before, in a little more detail
I am bullish, looking for entries to go long and will watch a reaction to the weekly pivot and weekly S1 if we fall that low.
A short term bearish channel is forming, but this will likely be broken with little effort.
The FXI indicator is still a very useful tool