DAX – week of November 12 and explanation!
DAX – week of November 12 – Explanation!
Weekly Bullish Reversal to watch stands at 12456 while the Weekly Bearish Reversal lies at 11514!
Daily momentum and trend are bullish reflecting support forming at 11791.
Turning to the broader picture, the long-term trend are bearish reflecting resistance forming at 11479.
Right now, the market is neutral on weekly momentum we have overhead resistance forming and support in the general vacinity of 11514.
Resistance is to be found starting at 11865. Only a break of 11212 on a closing basis would warn of a technical near-term change in trend.
However, we still remain below key support and key resistance now stands at 12103 above the market.
Explanation:
Bullish reversals: If the market should close above the reversal point, then the downtrend will be "reversed" into a bullish or increasing trend. The first reversal point indicates that a move to the second reversal is likely. The second reversal point signifies a move to the third point is probable and so on.
Bearish reversal: If the market should close below the reversal point, then the uptrend will be "reversed" into a bearish or declining trend.
Experienced traders: could use reversal points for the opposite of their intended use. Example: A trader could place an order to buy against a bearish reversal with a protective stop just below.
Weekly Bullish Reversal to watch stands at 12456 while the Weekly Bearish Reversal lies at 11514!
Daily momentum and trend are bullish reflecting support forming at 11791.
Turning to the broader picture, the long-term trend are bearish reflecting resistance forming at 11479.
Right now, the market is neutral on weekly momentum we have overhead resistance forming and support in the general vacinity of 11514.
Resistance is to be found starting at 11865. Only a break of 11212 on a closing basis would warn of a technical near-term change in trend.
However, we still remain below key support and key resistance now stands at 12103 above the market.
Explanation:
Bullish reversals: If the market should close above the reversal point, then the downtrend will be "reversed" into a bullish or increasing trend. The first reversal point indicates that a move to the second reversal is likely. The second reversal point signifies a move to the third point is probable and so on.
Bearish reversal: If the market should close below the reversal point, then the uptrend will be "reversed" into a bearish or declining trend.
Experienced traders: could use reversal points for the opposite of their intended use. Example: A trader could place an order to buy against a bearish reversal with a protective stop just below.
Comment:
DAX -4 hour: Index Cash closing of 11412. Bearish reflecting resistance forming at 11394. Resistance forming and support of 11514. Resistance is to be found starting at 11865. Only a break of 11212 on a closing basis would warn of a technical near-term change in trend.
Germany30 and S&P500 Intraday analysis August 23rd. and weekly update 34. Posted at twitter: twitter.com/SP500_Dow