Pattern – Range – diagonal consolidation pattern Possible targets – Upside, 15,985 – 16,160; Downside, 15,718 – 15,530 Support – 15,740 Resistance – 15,965
Hi, and thanks for looking at today's update. Our focus is on the GER30 as price sits in a range but has also formed a wedge/diagonal pattern that could signify movement to come. It's an interesting set-up as even if we see a break of the pattern price still has the range to contend with.
US futures are lower, and we are seeing the GER30 lower at this stage, so could we see a move lower today? If so, sellers will need to break support to get a breakout really going. On the other hand, buyers will need to do the same to resistance to get their move going.
US Retail Sales could play a part. It’s due today at 10:30 pm AEST (8:30 am EST)
Thanks for stopping by. Good trading, and have a great day.