SUPPORT: 10745/40 10705/10695 10650 10615 10550 10495 10385 10265/50
RESISTANCE: 10802 10825 10895 10940 11005 11055 11120 112
We had a sharp reversal in Dax yesterday after failing to make any headway on the topside....We did break 10802 but briefly and sellers were there with all their might to swat buyers out of the way and drive us lower...we ended up closing at sessions lows of 10761...now we are slightly up pre open today...but again I feel that any strength will be short lived and that the sellers are still waiting in the wings to come out and strike once ore...Daily charts are negative and this cannot be ignored...DAX had its chance to trade higher yesterday and failed dismally...and unless we can break and hold above 10825 the market will remain under pressure...I think that if you are joining this band of sellers you have be prepared to watch the market trade higher above 10802 which is where we will see the sellers back in force....we know support is down at 10745/40...we should see profit taking at these lower levels....Also we would see sellers back in the market if we broke the 10740 support...a loss below here would leave the market looking weaker still with the 23.6 med term fib of 10670 and chart support at 10650 looking to entice...Now here we should once more see profit taking but beware of a break below 10650...If lost the market should continue to fall with 10570/50 then targeted....We know the break on the topside...it is a hold and a close above 10825...Only then would the market actually look a little stronger with 10940 then the targeted area...This is not expected or anticipated...The market looks weak...so if you want to buy this..please be careful.
The research provided by Charmer Charts is provided solely to enable clients to make their own investment decisions and does not constitute personal investment recommendations. No recommendations are made directly or indirectly by Technicalanalysisreports.com or Charmer Charts as to the merits or suitability of any investment decision or transaction that may result directly or indirectly from having viewed the technical analysis investment research. Customers are therefore urged to seek independent financial advice if they are in any doubt. The value of investments and the income derived from them can go down as well as up, and you may not get back the full amount you originally invested. Derivatives and foreign exchange trading are particularly high-risk, high-reward investment instruments and an investor may lose some or all of his or her original investment. Also, if you decide to acquire any investment denominated in a different currency you should note that changes in foreign exchange rates may have an adverse effect on the value, price and income of the investment in your own currency. Technicalanalysisreports.com or Charmer Charts shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from the use, inability to use, interruption or non-availability of the technical analysis investment research or any part of the research materials published or otherwise any loss of data on transmission, howsoever caused. Whilst the research material published is believed to be reliable and accurate, it is not independently verified. Accordingly, no representation or warranty is made or given by Technicalanalysisreports.com or Charmer Charts, its officers, agents or employees as to the accuracy or completeness of the same and no such person shall have liability for any inaccuracy in, or omission from, such materials.
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.