Germany 30 (DAX) Analysis

by: Colibri Trader

 

Dear Traders,

Yesterday’s trading analysis has gone down to the level I was looking for, but has not yet confirmed the level. I was looking for a price action confirmation and then a possible continuation of the uptrend.

For now, I have not acted on it since the 4H chart has not given a confirmation. The daily candle following Friday’s candle is also not a bullish one. Therefore, I will stay on the sidelines for the time being.

 

Germany 30 (DAX) Analysis

 

Today’s price action analysis is coming from the German DAX index. It has been locked between 13,200 and 12,850 for some time now. There was a bullish rejection yesterday.

Today’s candle is another bullish rejection and a pinbar at the same time. A few sessions ago, there was a bearish engulfing pattern, which also indicated bearishness.

I will be looking to possibly enter in a short trade in the next trading session if the lower timeframes confirm it, of course.

A good hypothetical level to enter in a short trade could be the level of 13,025. The first target and a strong support level is 12,850. If price drops to this level, I will be looking for another price confirmation or rejection of the level.

Happy Trading,

Colibri Trader

p.s.

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