2025-02-03 - priceactiontds - daily update - dax
Good Evening and I hope you are well.
comment: Huge gap down and bulls tried their best in making this an endless pull-back. Bears defended the gap to 21800 and even the Globex gap to 21700. As long as that stays open, bears can dream of a second leg down or at least retesting the lows.
current market cycle: bull trend until we get a daily close below 21600.
key levels: 21000 - 22000
bull case: Bulls bought the lows and closed the day 200 points higher. We have a clear bull wedge/channel up and as long as we don’t break below support, bulls can have an endless pull-back and move higher. Problem for them is that they were to weak to close the gap to 21700/800. Bulls now need to stay above 21450 and continue higher. If they poke couple more times at 21550, it will likely break and we move quickly higher. Bulls are not favored though.
Invalidation is below 21400.
bear case: Bears kept the gap open, Hooray. They need to break below 21450 and the bull wedge. Targets below are today’s open price 21398 and then 21200. My daily chart has a third bear target at 21080 and xetra closed 21428. The daily 20ema is there and a big open bull gap. Futures came very close to it, so it’s possible that this was all the bears get for now.
Invalidation is above 21600.
short term: Bullish above 21600 for 700/800. If we break below 21450, we will likely test 400 and then if bears are strong, below 21370 we go for 21200 again. Most likely is a continuation sideways between 21370 - 21550.
medium-long term from 2024-01-25: No more bullish talk. Full bear mode.
current swing trade: None.
trade of the day: Buying 21400 was decent for many scalps.
comment: Huge gap down and bulls tried their best in making this an endless pull-back. Bears defended the gap to 21800 and even the Globex gap to 21700. As long as that stays open, bears can dream of a second leg down or at least retesting the lows.
current market cycle: bull trend until we get a daily close below 21600.
key levels: 21000 - 22000
bull case: Bulls bought the lows and closed the day 200 points higher. We have a clear bull wedge/channel up and as long as we don’t break below support, bulls can have an endless pull-back and move higher. Problem for them is that they were to weak to close the gap to 21700/800. Bulls now need to stay above 21450 and continue higher. If they poke couple more times at 21550, it will likely break and we move quickly higher. Bulls are not favored though.
Invalidation is below 21400.
bear case: Bears kept the gap open, Hooray. They need to break below 21450 and the bull wedge. Targets below are today’s open price 21398 and then 21200. My daily chart has a third bear target at 21080 and xetra closed 21428. The daily 20ema is there and a big open bull gap. Futures came very close to it, so it’s possible that this was all the bears get for now.
Invalidation is above 21600.
short term: Bullish above 21600 for 700/800. If we break below 21450, we will likely test 400 and then if bears are strong, below 21370 we go for 21200 again. Most likely is a continuation sideways between 21370 - 21550.
medium-long term from 2024-01-25: No more bullish talk. Full bear mode.
current swing trade: None.
trade of the day: Buying 21400 was decent for many scalps.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.