$GER30 #DAX #DE30EUR are tides turning? Were is next Resistance?
In the Overnight hours the Dax Index Price broke out to the upside is now heading to retest next resistance level of 2018 highs.
For 100% Confirmation we have to wait for this daily or this weeks Candle Close to be sure about this breakout but the fact that we broke resistance trendlines and trading currently at market open, above all past 2-3 Weeks Candle Closes with gaining upside momentum, forces me to adjust my Strategy and take into consideration that higher Resistance levels can be reached.
This Post is about the Daily Scale (View) which could be seen as a short term outlook about possible and potential next resistance Targets.
On a Makro View (Weekly / Monthly) I am sill targeting lower Support Targets around the 0.382 - 0.5 Fib-retracement Area on at least a Weekly Scale.
Reaching this Targets more often then not need time to develop, it could take hours, days, weeks or even a whole month to test uper resistance or confirm some sort of breakdown of this ATH levels.
Beginner Traders will be more likely get frustrated by this Price action especially the one aiming on Makro Trading Targets and maybe just trading lower timeframes below the Daily.
Last days Picture was changing really fast with a pottential Rollover of the market declined by a massive bounce and following rally fulled by some Trump Tweet about a Trade War Resolution let the markets rise turning the Stochastic oscillator up altogether with the RSI regaining the EMA and heading upwards.
The Demark Indicator indicating a new sequence confirming this possible breakout with a consecutive and clear 2 above 1 and 3 above 2.
The Chart Pattern could be now seen as a triangle breakout to the upside or a Rising Channel pointing directly to next resistance and the measured up-move from the breakout-point is pointing directly to 13600.
Resistance
Support Area
Oszillators
I expect this area to be now really Volatile making Stophunt Moves before turning towards lower levels of support.
The Fact that the Price is Trading at ATH levels and almost all Indicators and Oscillators below the Weekly are resetting themselves and maybe could gain more upside momentum creates the perfect environment for Market Makers running the Orderbook up.
Keeping in Mind all this Facts together (ATH, Stophunts, etc.) strategies like scalping will be in favor for the next Days.
Trade Safe!
For 100% Confirmation we have to wait for this daily or this weeks Candle Close to be sure about this breakout but the fact that we broke resistance trendlines and trading currently at market open, above all past 2-3 Weeks Candle Closes with gaining upside momentum, forces me to adjust my Strategy and take into consideration that higher Resistance levels can be reached.
This Post is about the Daily Scale (View) which could be seen as a short term outlook about possible and potential next resistance Targets.
On a Makro View (Weekly / Monthly) I am sill targeting lower Support Targets around the 0.382 - 0.5 Fib-retracement Area on at least a Weekly Scale.
Reaching this Targets more often then not need time to develop, it could take hours, days, weeks or even a whole month to test uper resistance or confirm some sort of breakdown of this ATH levels.
Beginner Traders will be more likely get frustrated by this Price action especially the one aiming on Makro Trading Targets and maybe just trading lower timeframes below the Daily.
Last days Picture was changing really fast with a pottential Rollover of the market declined by a massive bounce and following rally fulled by some Trump Tweet about a Trade War Resolution let the markets rise turning the Stochastic oscillator up altogether with the RSI regaining the EMA and heading upwards.
The Demark Indicator indicating a new sequence confirming this possible breakout with a consecutive and clear 2 above 1 and 3 above 2.
The Chart Pattern could be now seen as a triangle breakout to the upside or a Rising Channel pointing directly to next resistance and the measured up-move from the breakout-point is pointing directly to 13600.
Resistance
- 13510 - 3 Nov 2017 High - upper trendline of rising channel
- 13570(Candle-close) - 13620(Candle-wick) - 23 jan 2018 High - upper trendline of rising channel
Support Area
- 13280 - 13310
With a break and Daily Candly Close below the Support Area a new evaluation of the Situation would be needed as things would change really fast again.
Oszillators
- Daily Stochastic upcrosed - rising Support trendline
- RSI - regained the EMA heading - rising Support trendline
I expect this area to be now really Volatile making Stophunt Moves before turning towards lower levels of support.
The Fact that the Price is Trading at ATH levels and almost all Indicators and Oscillators below the Weekly are resetting themselves and maybe could gain more upside momentum creates the perfect environment for Market Makers running the Orderbook up.
Keeping in Mind all this Facts together (ATH, Stophunts, etc.) strategies like scalping will be in favor for the next Days.
Trade Safe!
