Dax Technical Analysis 29/09/2017

Dax Levels

Back by popular demand

POC (Futures)12690
Value Area High (Futures)12698
Value Area Low (Futures)12674
14 Day ATR73.22
200 EMA12060
Daily R212763
Daily R112740
Daily Pivot12701
Daily S112678
Daily S212640
*Please be aware that FXCM can often be 5-10 points higher than futures prices

Dax Outlook

We have been making fast progress towards the target zone of 750-800 in recent days and as it’s month end and a Friday, perhaps we make that last-gasp push to get over the line. (edit: as I type this article, we are already making a run for it)

Yesterday we left behind a low volume node just below the opening price and below that is the POC (point of control), so this would act as a potential pivot level for a move higher. Therefore we are watching a retracement to there for a potential short-term trade. Above us, there is resistance in the form of the daily R2 and of course the target zone. I suspect we have many people leaving their position for a sizable profit if they joined at the beginning of the swing.

The trajectory of the most recent leg up from this major bullish swing (visible on the 20m chart) is now starting to pinch into an interesting compression pattern. When combined with a measured move target, it could be an interesting setup to watch. Especially if it turns out to be the top of the swing. The question to ask now is, whether or not this is approaching the end of this swing higher (temporarily perhaps). If it is, then what behaviour would we typically expect to see at the top of a swing? Exhaustion. So watch out for signs of that.

Watch the video for more

Dax & FDAX Technical Analysis 29-09-2017

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