DAX, Price Action

By Claus Andersen

27. May 2019

15 min chart:

Last week we saw a range of approx 340 points in the DAX. In that range price the DAX traded up and down in large moves. So there were money to be made in both directions. The pattern/context is a large bear channel. In that channel I see the bear legs as strongest. Proper reversal patterns formed before any minor reversal this week. That gave hints to take profits or even to reverse the positions. The daily range was good for daytraders and you would have made more swinging than scalping in my opinion. Until price breaks the trendline there is no good reason to believe that price is going higher. As I mentioned in the last couple of analysis, I still think that price will stay around the 12.000 area. That has held true since last week.

Support and resistance levels adjusted on this chart.

15 min chart:

On the shorter term price is making higher highs and lows. It attempted to break above 12.100 but was sold down again. Perhaps a good chance for to bulls to break the TL is Tuesday. I think that we will see a failure to either the upside or downside before we get the real BO. Tuesday is also a good bet since some markets was closed on Monday.


Have a nice trading week.

Claus Andersen

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