DAX SHORT TERM GUESSTIMATE
Nothing is more dangerous than predicting "market tops" but here goes.
I'm guesstimating a corrective move down in the next ~5 trading days. We might have to pop a bit higher (~12270 - 12300) to kill some short stops but a corrective move is to be expected very soon.
DAX have now gapped up two days in a row and fading the gap intraday has been.. ..well, nothing to mention (at best -0,1% from open). We're outside of BB on the daily chart, a gap up that is not filled intraday tomorrow is unlikely.
First important support: 12180-ish (look for 12140/50 if broken).
First important resistance: ..remains to be seen but guessing on 12250/70/300..
Disclosure:
Position balance: net short
Short term plan: look to exit shorts tomorrow open +2h [position balance 1:1, if volatility high and key levels broken, exit longs & keep small short]
Mid term plan (2-5 days): exit longs @12250 & 12270 & 12300
Long term plan: N/A (guessing both SPX & DAX will be range trading for +1 month)
I'm guesstimating a corrective move down in the next ~5 trading days. We might have to pop a bit higher (~12270 - 12300) to kill some short stops but a corrective move is to be expected very soon.
DAX have now gapped up two days in a row and fading the gap intraday has been.. ..well, nothing to mention (at best -0,1% from open). We're outside of BB on the daily chart, a gap up that is not filled intraday tomorrow is unlikely.
First important support: 12180-ish (look for 12140/50 if broken).
First important resistance: ..remains to be seen but guessing on 12250/70/300..
Disclosure:
Position balance: net short
Short term plan: look to exit shorts tomorrow open +2h [position balance 1:1, if volatility high and key levels broken, exit longs & keep small short]
Mid term plan (2-5 days): exit longs @12250 & 12270 & 12300
Long term plan: N/A (guessing both SPX & DAX will be range trading for +1 month)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.