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DAX Index 28 January 01 February

Last week we had small technical correction from overbought conditions. It last most of week with final move at Friday when price get back slighty above previous week highs.

Previous week highs get setup in slightly messy way as price push towards 11280 at Friday after US close (18th Jan) and open 50 points lower at Monday (21 Jan) and continue sell off until found support at 11k mark and retest top ending week at 11265

Last week chart: https://www.tecet.net/?p=4001

Update : https://www.tecet.net/?p=4018

Buyers:

Right now buyers hovering near significant down trend. Getting thru will require solid push perhaps following after some consolidation near by trend line.

Important test for buyers and this rally all together.

Targets: 11610 & 11730 plus 11915 in extension

Sellers:

Sellers looking for cap January rally and prevent breaking downtrend line. Few test following decline make sense in this levels. Good place to reload on positions and push price back to bottom.

Well played not only can trigger deeper pull back but also push price under January lows.

Targets: 10970 & 10730 plus 10600/460 in extension

Support and Resistances

3 Comments

  1. Alan Wakelin

    Hi there
    I got myself into trouble with big shorts and now i am trying to hedge on a long, I am so hoping the trend will go high so i can recover the big negative on my P&L. What do you think this week will do, I am very short on margin with the hedge but, I need to play clever before i bomb my account. I was on $107 000 as a balance, and then the margin ran out and it killed my balance all the way down to $22000, I still have a minus of $42000 and i am hedging a buy of 1.6 lots to one on the sell. What can you advise

  2. Tecet

    Hi Alan sorry to hear about your troubles. Hedging is very difficult task especial near margin call. Hopefully we will have deeper correction and you can use that opportunity to run out from bad position. Just keep in mind to not over committee actions as your buy can become as dangerous like short if you move position balance in to buy side and market continue lower. Cant advice actions tbh as for that would need bit more info. If you like can have look on your situation please send me email to tecet.trader@gmail.com or find me on Facebook https://www.facebook.com/tecet.trader.3 and will explain more. Good luck!

  3. Tecet

    Basically will need details where is your positions and general plan behind hedge so can understand your situation better.

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