Following the DB announcement of 18,000 job cuts, and the wider slowdown in Germany, stemming from Trade War squeezes on various industries, the ECBs money printing program is no longer driving the DAX higher.
Volume and price trending lower
1st time to post an idea on DAX30 as many friends are so interested in trading this one.
Here we got an 30min shooting star after it finished daily 8ema correction and pulled back to the daily supply,
Also, in terms of 8ema, this trade also got abundant ema correction rooms!
I would like to take the short with a 11898 sell stop
If it makes new high before...
For yesterday we were more supportive of the buyers, but their strength didn’t last long. The sellers were able to correct the growing movement and eventually, Dax moved sideways. We closed at 12 064. The last trading hours were absolutely without volatility.
Resistance: 12 142
Support: 12 064, 11 958, 11 922
Statistics for today
As you can see DE30 holding strong bullish channel since beginning of the year and every time it bounce from support trendline.
I will wait for confirmation and little bit of bullish price action for entry.
4h rsi showing bullish divergence also daily MA converge around these levels.
Target can be Green boxes on the chart if trend will continue Up and follow...
Some technical oscillators are suggesting overbought, but others not so much. The Fibo retracements suggest a strong resistance level. Overall, I want to see the DAX get above these levels if we expect this upward wedge to continue.