DAX: Cautious long opportunity within the 1D Channel Up.
DAX has been trading within a very strong 1D Channel Up (RSI = 59.495, MACD = 84.870) since the August 15th bottom, which is currently on its Higher Low (Highs/Lows = 0.0000). This is a technical buy entry even though this time there are more barriers to overcome such as the 4H MA50 which has rejected today the uptrend (light blue trend line). The Target Zone on this sequence is 12,600 - 12,650, essentially the 1W Resistance.
Other than that, DAX has printed the unique Golden Cross formation (4H), and last time it did was in January. After a minor pull back, the index aggressively grew by +8.95% on the next Higher High and +14.80% on the last Higher High before the MA200 broke (it has been supporting through out this whole bullish move). You can see that sequence below:
Currently DAX has also made a 4H Golden Cross, delivered the pull back, the MA200 is supporting and is waiting for the next response (Higher High like we said). If it replicates the same pattern then we are looking at possible targets such as 13,220 and 13,925 (as seen on the chart below), which are of course now appear to be far fetched.
That is why at the moment we only concentrate on reaching the 12,600 - 12,650 Target Zone.
See also below how accurate DAX's symmetrical reach has been since the August bottom:
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Other than that, DAX has printed the unique Golden Cross formation (4H), and last time it did was in January. After a minor pull back, the index aggressively grew by +8.95% on the next Higher High and +14.80% on the last Higher High before the MA200 broke (it has been supporting through out this whole bullish move). You can see that sequence below:
Currently DAX has also made a 4H Golden Cross, delivered the pull back, the MA200 is supporting and is waiting for the next response (Higher High like we said). If it replicates the same pattern then we are looking at possible targets such as 13,220 and 13,925 (as seen on the chart below), which are of course now appear to be far fetched.
That is why at the moment we only concentrate on reaching the 12,600 - 12,650 Target Zone.
See also below how accurate DAX's symmetrical reach has been since the August bottom:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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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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