Quick Technical Overview - DAX Index: R3 yearly Pivot to be broken for the bullish to be continuing
11 August 2015, 15:11
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Weekly price is on bullish market condition for ranging between 10649.5 support level and 12425.0 resistance level. The price is breaking 11802.5 resistance for the bullish condition to be continuing.
- Chinkou Span line is located to be above the price and indicating the bullish trend to be continuing.
- 'Reversal' Senkou Span line (which is the virtual border between the primary bullish and the primary bearish on the chart) is located far below the price which makes bearish reversal to be impossible in the near future.
- The nearest resistance level is 11802.5 with the next target as 12425.0.
- Absolute Strength indicator is estimating the secondary ranging.
- Pivot Points (yearly PP on weekly chart): the price is ranging between R2 Pivot at 11148 and R3 Pivot at 12200.
| Instrument | S1 Pivot | Yearly PP | R1 Pivot | R2 Pivot | R3 Pivot |
|---|---|---|---|---|---|
| DAX |
8705 |
9400 |
10453 | 11148 | 12200 |
If W1 price will break 11802.5 resistance level on close W1 bar so the primary bullish trend will be continuing with the secondary ranging market condition.
If W1 price will break 12425.0
resistance level so the bullish trend will be
continuing with good breakout possibilities in the near future.
If not so the price will be ranging between the levels.
Trend:
