By Claus Andersen
18. February 2019
The DAX has changed direction. It looks like a bull entry bar on the monthly chart. Can’t really use that no these charts. Weekly had a strong bull bar. Fridays bar was also strong to the upside. Price is always-in long coming off last weeks rally. Patterns on the chart are a larger cup with handle compared to last week. Also a bull channel is in the mix. The Friday rally bulls hope is a BO that will continue trend. Bears hope it is a exhaustion bulls and a final flag before it reverses at the high of the major trading range.
New support and resistance levels on the chart.
Last week opened on the low and closed on the high, that is a strong weekly bar, and often has somewhat follow through. So I expect more to the upside this week. Today the US and Canada was closed for President’s and Family Day.
No news this week that would keep me from trading.
Have a nice trading week.