DAX: Still in an Ascending Triangle. Opportunities both ways.
DAX couldn't have given us a better trade yesterday as following the lower than expected U.S. CPI (which is a big plus in the ongoing battle to control inflation), the price broke above the 4H MA50 (14,376.70) and came close to the 14,710 (June 6th 2022 High) Resistance, getting rejected at 14,670, which is a Higher High since November 14th.
The price is now back down to the 4H MA50 and it remains to be seen if it acts as a Support. With 4H neutral again (RSI = 52.784, MACD = 16.600, ADX = 23.724) but especially ahead of today's critical Fed Rate Decision, the price can swing both ways and even more so violently. The 4H MA200 is at 14,103.20 now, and will be my buy entry but if we close the day below 14,100 I will book the loss and instead sell, targeting the 1D MA50 (13,646.70 and rising rapidly), which is the ultimate Support during long-term uptrends.
If however the price breaks above 14,710 first, I will take the break-out buy and target the 14,940 (March 29 2022 High) Resistance.
Previous DAX chart:
The price is now back down to the 4H MA50 and it remains to be seen if it acts as a Support. With 4H neutral again (RSI = 52.784, MACD = 16.600, ADX = 23.724) but especially ahead of today's critical Fed Rate Decision, the price can swing both ways and even more so violently. The 4H MA200 is at 14,103.20 now, and will be my buy entry but if we close the day below 14,100 I will book the loss and instead sell, targeting the 1D MA50 (13,646.70 and rising rapidly), which is the ultimate Support during long-term uptrends.
If however the price breaks above 14,710 first, I will take the break-out buy and target the 14,940 (March 29 2022 High) Resistance.
Previous DAX chart:
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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