Dax Technical Analysis 30/07/2015

Good morning traders!

We had a second bullish candle after five consecutive bearish candles, similar to April and after making a fresh high in the evening session, are we ready to begin a move towards 11400?

We could see a fall towards the daily pivot, perhaps even the S1 on the way to breaking out of the recent trend line as we failed to close above that yesterday. I know that some bear are short from current positions, with stops just above yesterdays high, looking to target 75-100 points, risking 35-40.

I entered another trade yesterday, taking me up to three and once the trades are de-risked (stop losses moved into profit) I will add further to the position.

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Dax Technical Analysis Video

Dax Support & Resistance

Daily R211376
Daily R111316
Daily Pivot11217
Daily S111157
Daily S211058
200 Day SMA10947

Dax Charts

A higher high would indicate a break of 11750, perhaps even 11850 moving towards 12000 again.

2Dax Daily Chart
2Dax Daily Chart

The bollinger bounce could head up towards the mean (around 11400)

3Dax Intra-day Chart (4 hour)
3Dax Intra-day Chart (4 hour)

We are now breaking above the 34 period EMA suggesting the trend is reversing and we have made the higher low.

4Dax Intra-day Chart (30 minute)
4Dax Intra-day Chart (30 minute)

The trend channel still seems to be holding with a bounce from both the bottom and top yesterday, closing just inside.

5Dax Intra-day Chart (5 minute)
5Dax Intra-day Chart (5 minute)