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DAX30 Continuation of Bullish Trend

April 24, 2018 13:56

Source: Admiral Markets MT5 with MT5SE Add-on

As we could see from my previous DAX30 analysis, the price action was totally respected and there is still potential for upside continuation. 12378-451 is the POC zone and we might see a rejections if the price retraces within the POC zone. Continuation above W H3 and W H4 should target W H5 – 12791. Final monthly resistance is 12917 – and we should see a profit taking if the price hits the level. Only a break below W L5 – 12255 will invalidate the ascending scallop bullish setup.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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