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Daily Price Action Report DAX

Posted on Nov 17th, 2014

by colibritrader

Signals

Dear Daily Price Action Traders,

Today’s Daily Price Action setup is coming from the German stock market- DAX. After a few fruitless sessions, it is finally giving some hope for the buyers. We can clearly see the last four sessions’ bullish rejections. These signs are giving a green light to new buyers. On top of that, today’s candle formation is a pinbar and also is engulfing the previous session’s candle. That double signal sheds further light on the bullish setup that has formed on the DAX. Price has just bounced off the 9130-level, which was our imminent support level. The closest resistance area and a potential price target is the 9400-level. All long orders (at 9315) should be accompanied by a stop just below the 9115-level. Initial target should be set at 9400-level and possibly 9600-level.

Happy Trading,

Colibri Trader

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