DAX longs at key Fibonacci support at 12990/970 were offered up to almost 200 ticks tick profit as we topped 2 ticks from first resistance at 13160/170. If you managed to short we collapsed again to 12990/970 but this time longs were stopped. However, we got a chance to sell the bounce to 12970/990. We topped almost exactly here before hitting all downside targets with a 400 tick crash.
Could have been a very profitable day trading the levels.
Please note that Thursday’s reports will be updated at around midday GMT as I am traveling overnight. Apologies for the inconvenience.
DAX bouncing from 12605 to 12763 overnight. A break above 17780 meets strong resistance at 12890/910. Shorts need stops above 12960. A break higher targets 13000/010 then resistance at 13070/090. Unlikely, but further gains test yesterday’s high and 100-day moving average resistance at 13145/155.
200-day moving average support at 12640/620. A break below 12600 signals a new leg lower in the correction targeting 12540 and key 38.2% Fibonacci support at 12475/455. A break below 12400 risks a slide to 12320/300 and perhaps as far as a buying opportunity at 12250/220.
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