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DAX week 20-24 Aug

Link – DAX Summary

chart full-screen 

UPDATES:


 

This week Index starting from another test.

Most of questions will get sorted in first hours of trading so lets check that later. There is chain of day trade setup which will follow.  

We looking for clues about direction for now.


Price action around downtrend line, DAX sinking under it will create another lows test, with enough strength – dip under 12k mark

Ultimate target around 11730 resistance, price sorting that open gap and resetting that range.


Buys setup on breakout, with price remounting previous support trend line 

Rally can get suppressed by  resistances – 316, 350, 420, 460 so without power buy we will get choppy action.

Good target is 12630/50 – closing gap left behind this sell off.

I think we will see more in early hours of trading or during Monday open session in Asia


update: 20th Aug 12:30

 

Price rally towards previous support trend line but declined from 350ish near resistance 


Right now we can look for :

price finds support at channel or dip to near EMA 100 / (valid until today lows safe eg. higher low)  and continue on rebound

Fall towards downtrend line resetting rally completely


Update – end EU session :

Price tested but didn’t make thru 365 resistance 

Still we had good cash close with price at 330, that can extend rebound further


New gap :


Update 21th 11 am

Price went to 420 on solid rally today morning.

Right now we have 2 main setups:

  • pull back to early 200 to close recent gap
  • continue on rebound after maybe some turbulence / consolidation with targets 480/520/630. 

21th End of day 

DAX found sellers at 430 

Right now upside getting more limited, maybe some wild rally on China & US trade meeting can change situation. 

More likely we just saw some profit take after recent sell off and rally will end same way as most hype drive action, where it started or lower. 

Watch action on trend lines and support / resistance levels 

Supports 300/225/130

Key resistances: 430 and 530/70


Bullish action / rebound continuation 

Keep eye also on MA 100/200 1h in case some support for extend rebound

Also early 12200/190 – another August higher  low


Update 22th August – end of day

DAX tried challenge again key resistance at 12430.


Over night trading push price to lower 12300ish but Index come back to week highs on solid  rally at EU open.


Scenarios: 


We will be watching now  for final push and clearing out 430 and 450 to open path towards 12630 gap mention at beginning of this post

or

DAX failure to remove 430 resistance and collapse under selling pressure below 12300 – towards 12220/140

All ready declining  from 420 and 400 


Update 23th – noon



DAX follow nicely ma 50 (1h) for good few days but now getting “tired” to support price above

Supporting price create cross in 100/200 MA

Right now will be looking either for bounce from ma 100 and rally above 430 or decline

Bit slow action so far but this will happens today / tomorrows and determinate trading for following week


Update 24th August

 


Price tested trend line and again declined sharply from 430/50 resistance 

After week long consolidation we still need to wait for results

Technical resistance/support  points: (19th Aug)

source: https://www.barchart.com/futures/quotes/DYY00/cheat-sheet

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