This week DAX went down 35 points over last weeks close and went up 276 points and ended the week with a gain of 221 points compared to last weekly closing .
Dax had made a life time of 12878.59 breaking above the high of 12841 made in the month of May .
Had mentioned in the previous post that " Dax has immediate resistance near 12617 - 12728 and sustaining / closing above it we can see a move till 12870 - 12930 . Dax has immediate support near 12600 - 12500 and sustaining / closing below it we can see a move till 12260 - 12150 " , Dax made a low of 12567 and reversed to take out the resistance zone of 12617 - 12728 and tested the next zone of 12870 - 12930 with a high of 12878.59 .
As per the previous weekly levels in Dax , shorts would have got confirmed on sustaining / closing below 12569 and it made a low of 12567 and took support to reverse . It then went up and confirmed our weekly long and completed 5 targets for the week . In the coming on sustaining above 12750 we can expect Dax to test 12925 - 12955 levels where it has stiff resistance . Dax needs to give a consecutive close above 12930 for a bigger move on the upside.
In the coming week Dax needs to break and sustain above 12879 to confirm uptrend and then one can expect a move till 12939 initially and breaking and sustaining above 12954 will give further confirmation of the next move which can take us till 13061. Similarly Bank Nifty spot needs to break and sustain below 12767 to confirm downtrend and then one can expect a move till 12707 initially and breaking and sustaining below 12692 will give further confirmation of the next move which can take us down till 12585
DAX Levels for the week are
Long above 12858 , Tgt 12879 - 12897 - 12914
IF DAX manages to get a close / sustain above 12939 then
long again for 12954 - 13005 - 13061
Short below 12788 , Tgt 12767 - 12749 - 12732
IF DAX manages to get a close / sustain below 12707 then
short again for 12692 - 12641 - 12585
P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.