Daxanalysis
DAX XETR long term sort to 105000.00?How I see this Gem. Short-term bullish as the price will likely retest 12250.00 .
Targeting 12500.00 is possible. (lower TF) Waiting for a short will get a bigger slice of the pie. (in my view)
I'm waiting on supporting price action which will be another week away yet. Why does the target seem so far away? This is a bearish long-term projection. A mid-term bullish move would fill the gap at 12500.00 (weekly)
The failure to push much past 12500.00 would give us a reason to look for shorts at those levels to break 12000.00 as we make our way back to 10500.00
See the weekly bearish head and shoulders almost complete. (or zoom way out on the daily TF to see it ) A piercing line candle breaking past 50% of the body of the last candle and the gap above that. We have a bullish reversal pattern in a downtrend.
This bullish move will be short-lived when compared to the likely decline from these levels. Oh, we have beautiful fib numbers everywhere as well.
Let's see what it does.:)
As always, this a just a personal opinion and not a trade recommendation.
TP 13,141 hit, tested the first support, new pattern emergingAs mentioned on the previous analysis, DAX was on a 1D Channel Up (RSI = 58.600, MACD = 166.500) that hit our 13,141 target and under overbought pressure it broke to the downside and nearly tested the first support at 12,919.58. As seen on today's 1D candle, the Channel Up pattern is technically broken (STOCHRSI = 0, ADX = 53.909, CCI = 48.7206, Highs/Lows = 0) at least marginally. If tomorrow it gaps above 13,050 on opening, then the pattern is still valid. Otherwise after a small rise to 13,028 it should decline and until June 06 even reach the lowest support = 12,747.15. After that point, a strong multi week bullish rebound is expected towards 13,350. So if you don't wish to short this and take a safer approach on the medium term, buy on every support you see with a tight (10 pip) SL.
1D Channel Up on DAXDAX remains on the medium term Channel Up on 1D (RSI = 65.938, Highs/Lows = 113.6786), being kept on a consolidation range in an effort to normalize the overbought STOCH, STOCHRSI and Williams numbers. As seen on the chart, 12,919 and 12,854 are the support levels (and long entries) with 13,141 the resistance (and TP). As long as EURUSD keeps falling, DAX will be bearish proof and will at worst trade sideways.