DAX Index: End Of Week Technicals - Daily Correction

DAX Index: End Of Week Technicals - Daily Correction

26 August 2016, 08:37
Sergey Golubev
4
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Daily price is above Ichimoku cloud in the bullish area of the chart for the ranging within the following support/resistance levels:

  • 10,803.8 resistance level located far above Ichimoku cloud in the bullish area, and
  • 10,384.3 support level located in the beginning of the secondary correction to be started.

Chinkou Span line of Ichimoku indicator is located above the price for the possible correction in the near future, and Absolute Strength indicator is estimating the the trend as the local downtrend to be started.

If D1 price breaks 10,384.3 support level on close bar together with descending triangle pattern to below so the local downtrend as the secondary correction within the primary bullish trend will be started.
If D1 price breaks 9,197.8 support level on close bar so we may see the reversal of the price movement to the primary bearish market condition.
If D1 price breaks 10,803.8 resistance level on close bar from below to above so the bullish trend will be resumed.
If not so the price will be on bullish ranging within the levels.

Resistance
Support
10,737.510,384.3
10,803.89,197.8

SUMMARY : correction

TREND : bullish
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