DAX, today should bounce to test resistance R1 = 12529.51
then stay in that area.
CROC X1 - Supports / Resistances - Multiday (TF - 1H)
R3 = N / A
R2 = N / A
R1 = 12529.51
PIVOT = 12481.51
S1 = 12433.51
S2 = 12242.76
S3 = 12111.24
CROC X3 - Last Signal (Long Term - TF 1D)
SHORT from 12,729.18
I believe DAX is in a bullish market looking at the top 30 German companies however my indicators and technical analysis are telling me that the market is now turning bearish so it looks like it could be a short term long position then a short term position.
Longterm Short after opening gap for DAX "Ger30" same scenario with CAC "CAC40"
Remember to follow French Presidential Elections
Events at North Korea
Take Profit at Previous Swing LOWs appx 9400s
SL- With relatively safe trades .... who needs SL when at worst scenario you can hedge :p
German Dax is calling for a correction on monthly/weekly time-frames. Also with the upcoming french and german elections this year, I am expecting weakness/corrections in german dax for the coming weeks.
Price has tested ATH area. This is an area of resistance, and I fuly expect a reaction at these prices.
Due to RR, I will favour a move to the downside, but will be cautious with entry in order to not get caught out with a break out.
*Weekly chart used for illustration only NOT entries
ADX approaching overbought levels
Bearish Divergence using the 14 Day RSI to highlight price making higher highs with declining momentum. Ok it would have been early (ie wrong) to call this on the 26th January, and again on the 22nd February, but that only supports this bearish view even more (... path dependency is everything!).
Risk position: Short DAX with a stop at 12160. 12160 should be...