Previous week DAX price consolidate in range 11400/300, market clearly was waiting for important developments in EU – Brexit deal and G20 summit this weekend.
previous week charts: https://www.tecet.net/?p=1624
Even without decisive moves for example taking out 11430 and push to next resistance 11515 or closing price gaps under 11200, we could observe as traders work hard and prepare for market mover news.
Study volume distribution some way confirming buy order accumulation and with positive news from G20 most likely we will see rally advances for next 2-3 tiers.
Buyers will use opportunity from of trade wars case fire to deliver accumulated positions at lows and under 11300 towards next tier 11630/515 where with happy euphoria support and perhaps some period of consolidation we will have good chance to break out towards 11760/850.
We can expect price open with gap up all ready at night Asia futures session and early EU trading will get us more clues how positions will move rest of next week.
targets: 11515 / 630 and extension towards 11760/850
Like mention in previous post sell of overstretched and short position in risk, traders get forced to retreat above 11430 and seems will need to give up bit more space. However downtrend is mature and sellers will not give up easily. Sellers aiming to defend positions at 11630/520 and force price to retreat with targets 11180 / 11130.
targets: 11180/130 and extension 11085
Last 2 weeks shows down trend momentum fading and good deal of profit take on short side
We can also determinate heavy sell zone starting from 11430 all way up to 11630.
End of last week we can clearly see good deal of buying and weaker attempts to cap rally from short sellers which end up with potions trapped and sellers get forced to retreat above 11400 price tag.
After Monday gap up price extended slight higher and most of week trading was done in equilibrium. However again buyers was working hard to defend and accumulate contracts for next move up.
Sellers at best reach 11200 and hopefully manage to break-even on trapped positions.