Good morning traders!
Largely bearish last week with four consecutive bearish candles to complete the week and Friday providing us with what appeared to be the most aggressive of them all. I noticed an interesting volume spike on the daily chart which may signal stopping volume.
Bears may be targeting shorting after a minor relief rally towards the daily pivot or R1 before continuing to short through to the 11,100 level which is the 0.618 of the recent swing. Bulls may be targeting a long from current position with stops under Friday’s low, looking to target the daily pivot or higher. I think that going long from current level has a high chance of failing, but risk:reward makes it interesting.
I may enter a small long order from 11200, but I want to see a reversal signal before taking on a proper swing position.
This video will give you more insight:
Dax Support & Resistance
|200 Day SMA||10941|
Two separate channel bounces?
Do the bears win this fight after bulls fail in their attempt to gain control?
4 hour chart Bollinger band shows a potential signal to go long
Four consecutive daily bear candles