a daily price action after hour update - dax
Good evening and i hope you are well.
Today most markets showed some restraint and bulls actually began taking profits, which is very unusual for the last weeks, to say the least. We don’t know if bulls will be more cautious buying at the highs this time and we go more sideways or bulls will continue the pump further.
I will give an update on Bitcoin tomorrow on tradingview (link on x) and Oil in the after hour update tomorrow. Oil is bullish as long as it stays above the daily 20ema which is around 77.5 right now. So bulls bought it today and i expect more sideways the next days.
dax
Dax is in a weak bear channel since Friday’s ATH and i expect the range 17600 - 17850 to hold for more days, unless something unexpected happens or is reported.
bull case: Bulls keeping this still far far above the daily 20ema which is at 17400. As long as they stay above that, the see the market as bullish and will buy the dips. Today was an expected trading range day where the close was near the open (about 20 points above). I’d be surprised if bears can get it below 17630 and as long as that holds, we will trade back and forth inside the weak bear channel for now.
bear case: Bears are probably euphoric because they stopped the market from making another daily new ath. They are taking quick profits and waiting for higher prices to short, which is why we ranged today. Bears next target is 17600 and then 17400 which is the current daily 20ema and the low of last week.
short term: neutral - range between 17600 - 17760 (weak bear channel) - break below is 17600 next. above is retest of ath 17846
medium-long term: the weekly chart gives nothing but bullishness so higher prices are expected. my long term outlook stays bearish and i expect at least a -30% correction in 2024.
trade of the day: gap close last Friday 17763 and selling the big bear bar 16 as it was forming. was very clear on the 15m chart because there were 4 bars that could not close above 17760
Today most markets showed some restraint and bulls actually began taking profits, which is very unusual for the last weeks, to say the least. We don’t know if bulls will be more cautious buying at the highs this time and we go more sideways or bulls will continue the pump further.
I will give an update on Bitcoin tomorrow on tradingview (link on x) and Oil in the after hour update tomorrow. Oil is bullish as long as it stays above the daily 20ema which is around 77.5 right now. So bulls bought it today and i expect more sideways the next days.
dax
Dax is in a weak bear channel since Friday’s ATH and i expect the range 17600 - 17850 to hold for more days, unless something unexpected happens or is reported.
bull case: Bulls keeping this still far far above the daily 20ema which is at 17400. As long as they stay above that, the see the market as bullish and will buy the dips. Today was an expected trading range day where the close was near the open (about 20 points above). I’d be surprised if bears can get it below 17630 and as long as that holds, we will trade back and forth inside the weak bear channel for now.
bear case: Bears are probably euphoric because they stopped the market from making another daily new ath. They are taking quick profits and waiting for higher prices to short, which is why we ranged today. Bears next target is 17600 and then 17400 which is the current daily 20ema and the low of last week.
short term: neutral - range between 17600 - 17760 (weak bear channel) - break below is 17600 next. above is retest of ath 17846
medium-long term: the weekly chart gives nothing but bullishness so higher prices are expected. my long term outlook stays bearish and i expect at least a -30% correction in 2024.
trade of the day: gap close last Friday 17763 and selling the big bear bar 16 as it was forming. was very clear on the 15m chart because there were 4 bars that could not close above 17760
