DAX daily analyses 04 Jan 2017
Morning folks...
Yesterday went perfectly as expected. And we clearly see that this market is indeed trying to consolidate in a sideway channel. We also keep an eye on the dollar. We have seen some wild reactions yesterday on some trump tweets. So keep that in mind. However the market did stay within the borders of the technicals. This means that the coming days can be found in up and down movements in that sideway channel until we finally break out. On a technical level this means we can see the market move sideways in a range from 11400 to 11600. When we finally break above 11600 and stay above it we can look for new highs around 11700/800. There is still a very high chance that we will form a top around that zone. But keep in mind that we need to see that top before we even think about shorting it. So for today daytraders can trade long and short inside the sideway channel. Long is however preferred. We will do all the follow up in the tradingroom.
Yesterday went perfectly as expected. And we clearly see that this market is indeed trying to consolidate in a sideway channel. We also keep an eye on the dollar. We have seen some wild reactions yesterday on some trump tweets. So keep that in mind. However the market did stay within the borders of the technicals. This means that the coming days can be found in up and down movements in that sideway channel until we finally break out. On a technical level this means we can see the market move sideways in a range from 11400 to 11600. When we finally break above 11600 and stay above it we can look for new highs around 11700/800. There is still a very high chance that we will form a top around that zone. But keep in mind that we need to see that top before we even think about shorting it. So for today daytraders can trade long and short inside the sideway channel. Long is however preferred. We will do all the follow up in the tradingroom.
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