By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The DAX30 has been contained within the consolidation rectangle precisely between W H3 and W L3. This is suggesting a potential breakout. Bulls have more confluence as the market has been supported and the MACD is above 0 line. However, traders need to pay attention to reaction too. Above 12412, the market should provide a bullish break towards 12482 and 12538. Only a 4h candle close above 12538 might target 12752 by the end of the week. However, a drop below 12158 is bearish, and targets are 12120 and 12032. Below 12032, the weekly target is 11818.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: DAX30 Potential Bullish Breakout Above Weekly Resistance
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