On Friday we saw a change in the strength of DAX as it hit new ATH but came down after while US indices was stronger and rallied to ATH after. Some rotation that is, given how DAX was rallying the days prior, while US indices, especially on Thursday, dipped and recovered, setting up for the continuation on Friday.
DAX I gave a long from bottom of PZ but DAX hit the mid of PZ and recovered 70points. Price is opening at the PZ now.
Overall we can see weekly price action is bullish so could see further upside this week, but I am not discounting a possible pullback first. A pullback to 17459 will still not change the trend.
Daily wise, bearish divergence so could be sign for a pullback. Could do a short below 17753 PZ, or wait for the longs after a pullback.
Target for short would beg to 17629/47 which is a strong level, and would give an opportunity to look for longs for a move higher. If market continue to go up from here, I would like to take a counter trend short at 17845 back to PZ.
DAX I gave a long from bottom of PZ but DAX hit the mid of PZ and recovered 70points. Price is opening at the PZ now.
Overall we can see weekly price action is bullish so could see further upside this week, but I am not discounting a possible pullback first. A pullback to 17459 will still not change the trend.
Daily wise, bearish divergence so could be sign for a pullback. Could do a short below 17753 PZ, or wait for the longs after a pullback.
Target for short would beg to 17629/47 which is a strong level, and would give an opportunity to look for longs for a move higher. If market continue to go up from here, I would like to take a counter trend short at 17845 back to PZ.
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