By Admiral Markets
The German Equities market has been quiet as expected during the festive season. In the absence of any German economic data or any major Dax30 company announcements the price is ranging within a rectangle consolidation.
Technically the DAX is congested between W L1 and W H1 – two basic camarilla levels that might break if we see any price momentum.13139.67 is the resistance to watch. Break above and we could see a retest of W H3 -13167.33 and only on strong momentum M H3 – 13213.42 and W H4 – 13258.95 could be reached. If it happens the price might form a right shoulder and could make a u-turn.
To the downside, pay attention to the break of 13012 where W L3 -12984.29 and W L4 12892.77 might be targets. Final bearish target is M L3 -12834.84. For any breakout to happen, we must see some movement in the market. Any profit taking before New Year might provide fresh new price momentum so watch out for it.
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: DAX30 Clear Congestion Between Two Camarilla Levels
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
