Talking Points The DAX 30 (FXCM: GER30) is approaching the strong resistance level and bullish target of 9931, and ...
Talking Points
The DAX 30 (FXCM: GER30) is approaching the strong resistance level and bullish target of 9931, and a break to this level is needed to keep the bullish momentum at current levels.
A lower than expected U.S. ISM Non-Manufacturing reading may cause traders to exit their bullish positions and could be the start of the end to the bullish trend. While a stronger than expected reading may trigger a break to the important January 27 high of 9931.
The DAX 30 (FXCM: GER30) is approaching the strong resistance level and bullish target of 9931. Strong support can be found at last Friday’s low of 9336. With the index being relativity close to resistance and far away from support, the risk/reward ratio is bad and this may cause the DAX 30 to halt its gains.
If this occurs, the DAX may return to Tuesday’s breakout of 9597, some traders will see this as a buying opportunity given that the trend is bullish above Friday’s low of 9336.
The alternative bullish scenario is a break to the important 9931 high, which may open the door for gains to the next swing-high in line, which is the January 13 high of 10,164.
Bearish Traders Waiting For A Break To Friday’s Low.
With momentum being bullish, traders who expect a decline in the weeks ahead will probably wait for the momentum to soften. For now the trend-defining level is Friday’s low of 9336, but if the DAX consolidates at current levels over the next few days, the trend-defining level may be raised, providing an entry at higher levels.
Today’s main event is the U.S. ISM Non-Manufacturing index and this proves important as it gives us hints about the vigor of the U.S. service sector. A Bloomberg news poll survey anticipates an outcome of 53.1 from 53.5 in January.
A lower than expected reading may cause traders to exit their bullish positions and could be the start of the end to the bullish trend, while a stronger than expected reading may trigger a break to the important January 27 high of 9931.
The DAX 30 (FXCM: GER30) is approaching the strong resistance level and bullish target of 9931, and a break to this level is needed to keep the bullish momentum at current levels.
A lower than expected U.S. ISM Non-Manufacturing reading may cause traders to exit their bullish positions and could be the start of the end to the bullish trend. While a stronger than expected reading may trigger a break to the important January 27 high of 9931.
The DAX 30 (FXCM: GER30) is approaching the strong resistance level and bullish target of 9931. Strong support can be found at last Friday’s low of 9336. With the index being relativity close to resistance and far away from support, the risk/reward ratio is bad and this may cause the DAX 30 to halt its gains.
If this occurs, the DAX may return to Tuesday’s breakout of 9597, some traders will see this as a buying opportunity given that the trend is bullish above Friday’s low of 9336.
The alternative bullish scenario is a break to the important 9931 high, which may open the door for gains to the next swing-high in line, which is the January 13 high of 10,164.
Bearish Traders Waiting For A Break To Friday’s Low.
With momentum being bullish, traders who expect a decline in the weeks ahead will probably wait for the momentum to soften. For now the trend-defining level is Friday’s low of 9336, but if the DAX consolidates at current levels over the next few days, the trend-defining level may be raised, providing an entry at higher levels.
Today’s main event is the U.S. ISM Non-Manufacturing index and this proves important as it gives us hints about the vigor of the U.S. service sector. A Bloomberg news poll survey anticipates an outcome of 53.1 from 53.5 in January.
A lower than expected reading may cause traders to exit their bullish positions and could be the start of the end to the bullish trend, while a stronger than expected reading may trigger a break to the important January 27 high of 9931.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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