ICmarkets

DAX 30: Potential buying opportunity

FX:GER30   DAX index of German listed shares
128 1 2
Weekly Timeframe: Active buying is currently being seen on the DAX             from a weekly decision-point demand area at 9126-9467. This is clearly proving to be a troublesome barrier for the sellers to overcome.

Daily Timeframe: The daily timeframe shows that the rebound from the daily demand area at 9126-9233 extended higher yesterday closing for the day at 9651. We still feel that the DAX             has more gas left yet, and will likely continue to rally until at least 9790, where at which point we’re expecting active sellers to make an appearance.

4hr Timeframe: The DAX             closed deep within a 4hr supply area seen at 9678-9583. Selling here is not something we’d be comfortable doing, since we would effectively be selling into higher-timeframe buyers (see above). This is usually not the best path to take!

In the event that selling is seen today, do not expect much of a decline, the furthest we see the DAX             declining to is a small 4hr decision-point demand area at 9443-9501. So much so, that we are going to set a pending buy order just above at 9507 using half of our normal position. The other half will be used when, or indeed if price confirms this area. We only have one target in mind for this trade, and that is at 9799, just below a 4hr supply area coming in at 9906-9809.

Current buy/sell levels:

• Buy orders: 9507 (Predicative stop-loss orders seen at: 9412).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).

jeremyb
2 years ago
not bad, I'm agree with that things
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