look4edge
Long

DAX - SUPER RESISTANCE

FX:GER30   DAX index of German listed shares
218 2 8
Did not use log charts before, but pros like them. Let`s have a look why.

Plotted couple resistance lines and channel going through lows 2003/2009 and found crossover what looks like super multiple resistance around 10k. At point where they are meeting ascending red resistance line from 2012 high, took ATH             place.

So far resistance worked well. But DAX             has turned violent upwards after ema break and retest and broke up 9450 unlike in tops 2000/2007, ema is still advancing. There is another resistance line - 38.2 fib parallel line above (light blue line around 10080). Will they all hold? Or ATH             10053? Anything above 10150 could unlock the DAX             and send it a lot higher.

Check also the pink intra lines, one pro trader on this forum, https://www.tradingview.com/u/yacine.kanoun/ has introduced them to me.

However, little pullback is needed, 9800 most likely, maximum up to 9350/9150 area ( ema support). This pullback should also set low for tighter support line from 8351 low. If ema holds (like in 1999), then target would be pink/red cross at 11k and overshot beyond.
Trendline cluster, very nice!
You familiar with Tom William's methodology?
Reminded me of that.
Reply
look4edge IvanLabrie
thanx for feedback, sry, did not come across Tom Willam so far, just joining important points
+1 Reply
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