Day trade
Trade view / 16 August 2016 at 6:06 GMT

SEP'16 Dax: Shooting star points to pullback

partner and technical analyst / 3 c analysis
United Kingdom

This week’s signals have remained bullish for the sixth week in a row, though the view is becoming increasingly cautious.

Although Monday’s trading is so far confirming this view with gains of just over 100 points and a fresh 2016 high above 10,800, this level has attracted sellers for sentiment to close little changed on the day.

A daily Shooting Star has been formed, a sign of bullish exhaustion so profits could be taken on the expectation that there will be a pullback.

Management and risk description

Allow room to sell a bounce and lower stop to entry if the first target is met.


Entry: Market and 10,760.

Stop: 10,809, just above yesterday's high.

10,629., Thursday's low and 10,553.0 - last Tuesday's Marabuzo line.

Time horizon:
Today only.

DAX 4 hourly - pullback to gains
DAX Weekly - 7.5 month highs
DAX Monthly - key 50% pullback
Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
16 August
Steve Lucas Steve Lucas
Update - take some profit and lower stop to entry


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