DAX30 Ascending Channel Confirms the Uptrend

May 11, 2018 12:39

This week we saw Trump renege the Iran deal, which saw Oil prices climb, and despite the uncertainty, Equities markets continued to rise. There was talk from Macron that we should look for solutions to continue to trade with Iran. In addition, we saw signs of USD strength during the week, followed by weakness and now we may see more strength again. During USD strength, we see the Dax has the ability to climb higher, especially when during Equities are rising.

The POC zone 12950-80 could reject the price in the case of a retracement. The price is trapped in an ascending channel and we could see 13.030, 13.060 and 13.115. Only below 12900 the DAX will be bearish on intraday time frames.

Source: Admiral Markets MT5 with MT5SE Add-on

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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