12750-12800 targets still
Yesterday we were looking for an opportunity to sell, anticipating a change of direction based on the unusual ‘distribution’ behaviour we have seen recently. This idea was based on a series of failed minor swings suggesting the trend was coming to and end and a pullback was the most likely outcome. This idea has not worked out.
We have gapped higher and popped through resistance this morning confirming that the channel rotation continues. Yesterday we touched the lower ‘octile’ of the channel which allowed channel traders the opportunity to buy low. The channel I am referring to is the regression channel as pictured below.
Today the best strategies we could identify would be:
1 – Fade the channel high
2 – Buy a pullback to just above the gap (high risk – as we are overvalued in the short term)
Watch the video for more
Dax & FDAX Technical Analysis 27-09-2017
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