DAX 30: Technical outlook and review.
Weekly Timeframe: Last week shows that active buyers were seen coming into the market from a weekly decision-point demand area at 9126-9467, but seemingly begun losing steam around the 9919 mark. It will be interesting to see what we can find on the lower timeframes.
Daily Timeframe: The daily timeframe shows that traders began buying heavily from Tuesday onwards, and only saw selling interest enter the market on Friday off of a minor daily swap level (pink) coming in at 9896. However, the sellers found buying opposition too strong to overcome at that point, as the buyers stepped back in and closed prices just above a major daily swap level seen at 9790. Will this be enough to entice further buying up to a daily resistance zone seen at 10048-10007 this week?
4hr Timeframe: Friday’s trading action saw the DAX (in our view) consume (red arrow) a 4hr supply area coming in at 9906-9809. This likely triggered a ton of buy stops and was just perfect for pro money to liquidate their buy positions for the week.
A few hours before the market closed for the week (9797), buyers stepped back in from within a 4hr swap area seen at 9719-9671 and closed price 7 points above the aforementioned major daily swap level. We feel that there is a good chance a rally higher may be seen this week if the buyers can hold out above here, as the path north is now likely clear up to a small 4hr supply area at 10094-10068 (seen just above a daily resistance zone at 10048-10007). We intend to pay close attention to how price behaves around the open today, if we see bullish confirmation on the lower timeframes, we will jump on board and attempt to ride the wave north up to the small 4hr supply area mentioned above at 10094-10068.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: The daily timeframe shows that traders began buying heavily from Tuesday onwards, and only saw selling interest enter the market on Friday off of a minor daily swap level (pink) coming in at 9896. However, the sellers found buying opposition too strong to overcome at that point, as the buyers stepped back in and closed prices just above a major daily swap level seen at 9790. Will this be enough to entice further buying up to a daily resistance zone seen at 10048-10007 this week?
4hr Timeframe: Friday’s trading action saw the DAX (in our view) consume (red arrow) a 4hr supply area coming in at 9906-9809. This likely triggered a ton of buy stops and was just perfect for pro money to liquidate their buy positions for the week.
A few hours before the market closed for the week (9797), buyers stepped back in from within a 4hr swap area seen at 9719-9671 and closed price 7 points above the aforementioned major daily swap level. We feel that there is a good chance a rally higher may be seen this week if the buyers can hold out above here, as the path north is now likely clear up to a small 4hr supply area at 10094-10068 (seen just above a daily resistance zone at 10048-10007). We intend to pay close attention to how price behaves around the open today, if we see bullish confirmation on the lower timeframes, we will jump on board and attempt to ride the wave north up to the small 4hr supply area mentioned above at 10094-10068.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
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