04 DAX Market Profile

Dax Technical Analysis 24/07/2017

Watch Out Below!

Seems incredibly weak at the moment, but 12150-12165 looks interesting if you wanted a punt long. Otherwise it seems the extension targets are the most likely to be hit first.

Bullish Strategy

Bulls will be looking to buy dips and take advantage of a Bullish Monday. 12180 is a strong level of support at the moment, so there is a good spot to take a long with a stop underneath (giving plenty of room for the second test of that zone). Targets include the gap close and the start of the Low Volume Node 1 (which may provide resistance). Beyond that, a piercing into the LVN could open up a rapid retracement back towards the LVN 2 mentioned above.

Bearish Strategy

The technical trend on the higher time frames shows us that we are making lower lows and lower highs. The momentum is clearly with the bears, but price has only recently made a lower low, so yes it could continue to dig deeper, but wouldn’t it make more sense to sell higher? A strong break below 180 opens up the door to 12000. A rejection at LVN 1 could open up a bull trap offering a short opportunity.

Interesting Levels & Zones

  • There is a gap from this morning between 228-240 on futures, watch for that to close
  • The Friday Value Area Low was 12180, which could act as support
  • There is a Low Volume Node between 255 – 323
  • Value Area High 345
  • Another Low Volume Node between 360-400

 

Dax Charts

The market profile charts are taken using ATAS software. Find out more about it here

 

04 DAX Market Profile 2
04 DAX Market Profile 2

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04 DAX Market Profile
04 DAX Market Profile

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5m Chart - Dax Technical Analysis
5m Chart – Dax Technical Analysis