Fuad Karimov's daily comment: DAX index price action review
Fuad Karimov's daily comment: DAX index price action review
22 January 2019, 11:11
Asian trading session switched to risk-off mode after Canadian press reported
the US will proceed with formal extradition proceedings against Huawei CFO Meng.
This affected on stock markets and also e-minis which started sliding down
immediately.
The risk-off mode also spilled over to European session. At the same time the decline is technically justified after strong rally on previous week.
DAX H4 chart
Technical view implies that current selling pressure will dominate and price is like to go down further. Below located 3 major support clusters 11070.00, and especially 11970.00 and 10780.00 which could serve as bounce levels.
Hence the trade idea is to play the bounce from 10970.00 and 10780.00 supports via placing buy limit orders respectively.
Have a nice week!
The risk-off mode also spilled over to European session. At the same time the decline is technically justified after strong rally on previous week.
DAX H4 chart
Technical view implies that current selling pressure will dominate and price is like to go down further. Below located 3 major support clusters 11070.00, and especially 11970.00 and 10780.00 which could serve as bounce levels.
Hence the trade idea is to play the bounce from 10970.00 and 10780.00 supports via placing buy limit orders respectively.
Have a nice week!
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