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.[twitter-follow username=”DaxTrader54″ scheme=”light”]
Dax Technical Analysis Video
Dax Support & Resistance
|200 Day SMA||10947|
A higher high would indicate a break of 11750, perhaps even 11850 moving towards 12000 again.
The bollinger bounce could head up towards the mean (around 11400)
We are now breaking above the 34 period EMA suggesting the trend is reversing and we have made the higher low.
The trend channel still seems to be holding with a bounce from both the bottom and top yesterday, closing just inside.