DAX: opened and closed at the same level

Carol Harmer Charmer Trading

SUPPORT: 11560 11544 11522 11490 11414 11349/36 11267 11150

RESISTANCE: 11577/80 11606/16 11637 11665 11700 11751 11787 11802

You can see Dax had no idea what to do yesterday because it opened and closed at the same level...Bearish daily stochastics....drastic overbought weekly stochastics are making this quite a dangerous market to be long of...I would rather do nothing here than buy this market...It is due for a correction....and this should happen sooner rather than later....PP today is 11577 with 11580 as resistance...Personally I think this is going to fall.....but as yet it is only showing signs of sideways...Now this might well be enough to take our indicators back to neutral....however...I still wouldn't trust it at this point...I think it has quite a bit of work to do on the topside before we can go long....Now the weekly charts are going to be important come Friday because if we do not break higher over the next 3 days and close neutral our indicators on the weekly charts are going to turn lower...and this will be quite a bearish sign for the DAX...Try not to get carried away with blips higher ...these are in all probability stops going off....We need to be above 11665 really...preferably on a a weekly close to give this market any chance of trading higher...PP 11577 R1 11611 R2 11639 R3 11673 S1 11549 S2 11515 S3 11487.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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