2025-02-04 - priceactiontds - daily update - dax
Good Evening and I hope you are well.
comment: Gap is still open but bulls making higher lows. Can go both ways tomorrow and it will probably be another news-driven impulse. 50% retracement is 21560 on my chart and we are close to it, so don’t try to be clever and think you know which way the breakout will happen. Odds are even. Wait for it an hop along.
current market cycle: bull trend until we get a daily close below 21600.
key levels: 21000 - 22000
bull case: Bulls making higher lows but failed to close the gap. I don’t think we have seen strong selling at 21600 but since we have not moved down either, bulls chances of a breakout are as good as those for the bears. Bull targets are 21650, then 21755 and finally 22000.
Invalidation is below 21400.
bear case: I won’t make stuff up here. below 21550 bears are favored again but for now they are obviously not doing enough. First target is 21500 and then 21400. If 400 won’t hold, we quickly move down to 21200 again.
Invalidation is above 21600.
short term: Bullish above 21600 for 700/800. If we break below 21450, we will likely test 400 and then if bears are strong, below 21370 we go for 21200 again. Most likely is a continuation sideways between 21370 - 21550.
medium-long term from 2024-01-25: No more bullish talk. Full bear mode.
current swing trade: None.
trade of the day: Buying the double bottom 21400. Big bars with huge tails below at a big round number. Just buy it.
comment: Gap is still open but bulls making higher lows. Can go both ways tomorrow and it will probably be another news-driven impulse. 50% retracement is 21560 on my chart and we are close to it, so don’t try to be clever and think you know which way the breakout will happen. Odds are even. Wait for it an hop along.
current market cycle: bull trend until we get a daily close below 21600.
key levels: 21000 - 22000
bull case: Bulls making higher lows but failed to close the gap. I don’t think we have seen strong selling at 21600 but since we have not moved down either, bulls chances of a breakout are as good as those for the bears. Bull targets are 21650, then 21755 and finally 22000.
Invalidation is below 21400.
bear case: I won’t make stuff up here. below 21550 bears are favored again but for now they are obviously not doing enough. First target is 21500 and then 21400. If 400 won’t hold, we quickly move down to 21200 again.
Invalidation is above 21600.
short term: Bullish above 21600 for 700/800. If we break below 21450, we will likely test 400 and then if bears are strong, below 21370 we go for 21200 again. Most likely is a continuation sideways between 21370 - 21550.
medium-long term from 2024-01-25: No more bullish talk. Full bear mode.
current swing trade: None.
trade of the day: Buying the double bottom 21400. Big bars with huge tails below at a big round number. Just buy it.
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