Dax Technical Analysis 30-05-2017

Good morning traders, I hope you enjoyed your bank holiday Monday, it was very rainy here on the UK south coast. Let’s take a look at the Dax Technical Analysis 30-05-2017.

We had very thin volume in the market yesterday, thanks to the holiday in the UK and US. So the Dax futures market continues to move sideways for now. The buyers seem to be defensive at the moment and there are some technical indicators beginning to offer signs of reversal. MACD on the weekly chart is close to triggering a signal (sell).

Weekly Chart - Dax Technical Analysis
Weekly Chart – Dax Technical Analysis

We are not far away from testing the April 2015 cyclical high, so I am thinking a break below that will be a stronger signal of a reversal. It does seem we have some volatility on the way with the familiar story of growing uncertainty in Greece re-emerging. Greece’s debt stands at around 180% of output and the July tranche of aid from the IMF has been held up by disagreements. Greece needs to pay $7billion in loan payments in July. I will keep an eye on that.

Let’s summarise the points from the previous article:

The sell limit order from 12605

The trade levels are still active now, although the sideways action continues to restrict progress. Yesterday, the position was 40 points in drawdown at the highs and 30 points in profit at the lows. This morning it is a similar story. Nothing much more to report.

Hourly Trend link break

The price continues to move sideways. We need a range breakout to confirm the move.

Range levels from the hourly chart

The levels are still valid and I will continue to watch the reaction to them. The chart below shows the range levels.

Hourly Chart - Dax Technical Analysis
Hourly Chart – Dax Technical Analysis

DaxTrader RSI Indicator

Have a look at this chart here. I am using the standard MetaTrader chart for the Dax on the 5m chart. I have placed the DaxTrader RSI indicator on there and the alerts are on. The settings are:

Period: 14
Overbought: 72
Oversold: 28
Timeframe: 5minutes
Trend Filter: Off
Alerts: On

Is that an interesting set of potential opportunities? I will watch the 5m 72 28 14 RSI.

Daxtrader RSI Indicator
Daxtrader RSI Indicator

Dax Support & Resistance

14 Day ATR111.52
200 Day EMA11585
Daily R212686
Daily R112656
Daily Pivot12616
Daily S112586
Daily S212546

Summary of Dax Technical Analysis 30-05-2017

  • Ranging on the hourly chart
  • Emerging concerns in Greece
  • 5-minute 72 28 14 RSI Indicator