Every daytrader or investor should take advantage of the current put situation in the DAX to take a look at the larger time frames. A descending broadening wedge runs on a weekly basis with the upper channel running downwards (dark green line). In this wedge there is also the strong upward channel since the beginning of 2019 (light green). Dax broke this upward trend downwards, however did recover and again did build an upward-channel (blue). Means, the Dax currently fights within three trend canals and is caught within these - or couldn`t leave any of them yet effectively.
From my point of view, the blue colored area plays an important role. These are the candles of the last week. A closing price above or below the box decides whether we either fall back into the upward or downward channel.
Apart from all technical analysis, keep in mind that the Fed meeting is on Wednesday and whether they are going keep the current interest rate or lower it for the first time in years.
Good trades
TradersClub24
From my point of view, the blue colored area plays an important role. These are the candles of the last week. A closing price above or below the box decides whether we either fall back into the upward or downward channel.
Apart from all technical analysis, keep in mind that the Fed meeting is on Wednesday and whether they are going keep the current interest rate or lower it for the first time in years.
Good trades
TradersClub24