Last two Mondays started with the North Korea on the headlines. This week starts quite the opposite. The World is still in one piece. No shoots were fired, no missiles were launched and no bombs were tested. That brings us a risk ON mode on the market, with the precious metals being dropped and indices being bought.
First signs of the positive sentiment on DAX were seen last week, when the price made attempts and finally broke the upper line of the wedge (red). That alone was not a significant signal to buy but was good enough for a start. The real test was about to be made on the 12300 (red horizontal area), which was the buyer's nemesis for the past few weeks. They tried but there was no way to break it. That did not even happen on Friday. The price was pushing and was kept high but did not close above that resistance.
Calm weekend came with the help here. The price opened with a gap and added few bullish points straight after the first bell. In addition to 12300, we also managed to break the 12380 resistance (orange), which also could be marked as an important one.
All the major local resistances are now gone so sellers have no stronghold to initiate the drop from. The closest scenario is a gap closing movement (as it often happens on DAX) and a further upswing. Even if you do not believe in indexes and you genuinely think that there is a bubble there, there are no legitimate signals for shorts now.
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DAX breaks important resistances
Published 09/11/2017, 05:45 AM
DAX breaks important resistances
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