2024-07-08 - priceactiontds - daily update - dax/oil
Good Evening and I hope you are well.
comment: Trading range price action. Elevator up and stairs down today. Helps no one and we have to wait for tomorrow for a clear direction. Market is oscillating around the 1h and the daily 20ema. Fade the extremes until clear breakout.
current market cycle: trading range
key levels: 18580 - 18800
bull case: Bulls tried again at 18800 and only got a lower high below it. They bought 18600 and until that range breaks, it’s neutral.
Invalidation is below 18500.
bear case: Either bears print below 18600 or step aside for another lower high below 18700. Until then, bulls will continue to btfd.
Invalidation is above 18830.
short term: Bullish around 18600 for trade back to at least 18680. Stop has to be 18570 for any long.
medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged
current swing trade: Started a small short position 18611 during today’s sell off. Will hold this until we reach 17000.
trade of the day: Strong small pullback bull trend since EU open and market could not touch the 2m 20ema for 130 points. Market also reversed just as hard but a bit slower couple of minutes after the high. Had to be quick to exit longs once bar 36 traded below 35 without any pullback. Bulls quickly gave up above 18780.
comment: Trading range price action. Elevator up and stairs down today. Helps no one and we have to wait for tomorrow for a clear direction. Market is oscillating around the 1h and the daily 20ema. Fade the extremes until clear breakout.
current market cycle: trading range
key levels: 18580 - 18800
bull case: Bulls tried again at 18800 and only got a lower high below it. They bought 18600 and until that range breaks, it’s neutral.
Invalidation is below 18500.
bear case: Either bears print below 18600 or step aside for another lower high below 18700. Until then, bulls will continue to btfd.
Invalidation is above 18830.
short term: Bullish around 18600 for trade back to at least 18680. Stop has to be 18570 for any long.
medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged
current swing trade: Started a small short position 18611 during today’s sell off. Will hold this until we reach 17000.
trade of the day: Strong small pullback bull trend since EU open and market could not touch the 2m 20ema for 130 points. Market also reversed just as hard but a bit slower couple of minutes after the high. Had to be quick to exit longs once bar 36 traded below 35 without any pullback. Bulls quickly gave up above 18780.
相关出版物
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。